Gold & Silver Daily Market Recap: September 20, 2013 | Cache Metals

Gold & Silver Daily Market Recap: September 20, 2013

gold and silver daily market report

What the world was waiting for never happened. The release of the Federal open market committe minutes shocked traders. On Wednesday, the Fed declined to start the unwinding of its monetary easing measures with traders expecting $10 billion cut. The news sent shock waves throughout the market as gold spiked to $1375 in a matter of hours.

Calm returned to the market a day after, but gold was still at an elevated price of $1369 with the release of the initial jobless claims with were skewed last week due to bad reporting by 2 states.. Initial jobless claims for the week ending September 14 increased 15,000 to 309,000 but were well below the expected 330,000 and the Philadelphia Fed business outlook index rose to 22.3 in September, much better than the forecast of 10.3 and August’s reading of 9.3.

Friday has seen the euphoria of the non-taper wear off as all asset classes gave back its post fed non tapering gains. The yellow metal broke through all support levels touching a low of $1327.

The Fed shocked the markets by not tapering back the asset purchase program, investors are now focusing on the looming U.S. debt ceiling. If Obama and the Democrats cannot agree with the Republicans on how to cap the nation’s debt and borrowing before October, then
the U.S. Treasury will run out of options. They will exceed the $16.7 trillion debt limit and possibly send the States into default. October should see some physical flows into the precious metals market with the wedding season kicking off in Asia.

Spot silver saw a similar fate as gold rallying to a high of $23.20 after the non-taper news. The metal has sold off more aggressively today touching a session low of $21.73. The grey metal awaits reports due to be released in China as they remain on a 4 day holiday. The gold silver ratio remains ranged bound. The ratio has traded in between 58.78 and 61.41 and needs to break oput on either side to confirm a definte directi

  Gold Silver
Support $1325/$1293


Resistance $1375/$1390 $23.15/$23.85


April 9th Closing Prices

Gold $1332.50
Silver $21.88
Platinum $1432
Palladium $720






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