Daily Market Report 9/11/12

GOLD

Considering last week’s Gold price increase, many floor traders are already pricing in QE3 by last Friday close. This week’s bullish precious metals movement has been in a very narrow price range. Right now traders are taking a wait and see attitude, eagerly awaiting the FOMC rate decision and statement this Thursday before establishing new positions. Gold remains well above the psychological support at $1,700 while overhead there is really no technical resistance until $1,790, the 2012 yearly high.At 11am PST Gold is at $1,734.10 per ounce, up $8.30 on slightly lower than average volume.

SILVER

Silver has been trading in a narrow range today but it’s showing strong support above the $33 level. Again, we are just waiting to see what comes out of Bernanke’s speech on Thursday, but we expect to see Silver follow the trend of Gold. At 11am PST Silver is at $33.65 per ounce, up $0.21 on low volume.

PLATINUM

Platinum has made quite a run this last week, dropping the discount to Gold to around $120 an ounce. However, Platinum base demand from Asia has still been growing and the metal is 30 times scarcer than Gold. Making this discount of $120 still very cheap. At 11am PST Platinum is trading at $1,611 per ounce, up $4.