The precious metals have been taking a serious beating

The precious metals have been taking a serious beating over the last three sessions. Most of this move seems to have been sparked by the “fed speak” which is starting to show faint signs of a brighter and more prosperous future for the US economy. In addition to this, the stress tests indicated that US banks are healthier than many expected. Gold and silver have sold off nearly 5% and 8% respectively over the last three sessions. Both metals have closed below technically important levels in this session and look to be setting up for a further move to the downside in the near term. Gold has closed well below its 200 DMA ($1681.23) which leaves it vulnerable to the technical forces that may help it test $1600 and eventually $1550. The move in silver, as usual, has been quite unforgiving. If the metal continues it sell off into the next session, there may be some support at the $30.00 – $30.50 range, should it break below $30 it will most certainly test $27.

Platinum and palladium have held up quite well during this move. The PGM’s are now trading more like the other industrial commodities. It is also important to note that platinum has closed above gold for the second time since September 2011. Overall, it seems the perception has changed in the precious metals market over the last 2 weeks. Tomorrow we have the US jobless claims and PPI coming out, good numbers may help to add fuel to the fire.

Metals	Last	%Change	Low	High
Au- Apr	1638	-3.30%	1635.8	1682.8
Pt-Apr	1666.7	-2.07%	1662.4	1706.2
Pd-Jun	693.25	-2.26%	692.25	711.00
Ag-May	31.805	-5.29%	31.625	33.470
London	AM	PM	Minor	PGMs
Au	1662	1644.25	Rh	1500
Pt	1684	1679	Ru	130
Pd	699	700	Ir	1100
Ag	32.84	DJI	13181.95	4.27
Currencies
	USD	EUR	JPY	GBP
USD	0	1.3029	0.011956	1.5673
EUR	0.7676	0	0.9177	1.203
JPY	83.64	108.97	0	131.088
GBP	0.638	0.83126	0.7629	0
Crude Brent	124.83	Comex Copper	383.75
Crude WTI	105.28	Nat Gas	2.29
*THESE PRICES ARE FOR INDICATION ONLY CALL FOR QUOTES