A quiet morning in the commodity markets with metals trending slightly lower.

A quiet morning in the commodity markets with metals trending slightly lower. Gold and silver tested the $1275 and $20.50 respectively this morning and found decent support on light trading volumes. Global equity markets are also taking a wait and see attitude after the record run up in the US Equities last week on Fed Chairwoman Yellen’s Senate confirmation hearing in which she pledge to continue QE until significant better US economic data. Markets will be waiting for more data later this week on US CPI, retail sales, and existing home sales on Wednesday. Traders will also be watching the FOMC meeting minutes to see if there are any clues about potential Fed tapering talk for December or into 2014. We sense hesitance on the part of traders to commit fresh capital into establishing a new position while metals are treading within the current trading ranges. Thanks.