Monday, October 22, 2012

The week started off with a bit of weakness in the precious metals complex overnight.

The week started off with a bit of weakness in the precious metals complex overnight. We have since retraced most of those losses leaving PT, PD and AU all near Fridays close, while AG is trading up 0.8%. Platinum and gold seem to have found support at their 50 DMA’s ( $1604.44 & $1722 respectively). Palladium momentarily breached its 100 DMA ($619.82) but has since recovered and seems to be supported there in the near term. All eyes will be on the third and final presidential debate tonight, followed by the Chinese PMI tomorrow, then the FOMC meeting mins and US Q3 GDP later this week.

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