Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
(Kitco News) – Gold continues to be supported at the $1,322 area, with silver finding new buying interest as it flirted with the $19 handle overnight. Physical silver volumes picked up to the highest level for the month, as the $19 price point became an attractive accumulation level in Asian markets. Yesterday’s consumer confidence number spurred a bounce in the equity market and took the edge off gold’s safe- haven play but the picture remains frothy and risk remains elevated. Weakness continues to suggest accumulation on dips to be warranted.