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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