Gold continued an uptrend that began on Friday registering a nearly $8 gain today at $1283.83, but that only tells part of the story. Since the yellow metal hit bottom early Friday at $1260, it is up almost $24 (+2%). Silver recorded an even stronger gain from its early Friday bottom – up 67¢ at $16.93 (+4%). It was up 14¢ today. Both metals are trading higher in the overnight market.
We will stick with our long-stated view that most of the downside in both metals over the past nearly 30 days has been the result of technical trading. Likewise, the past two days’ upside appears technical as well with support coming-in near the 200-day moving average at $1254. In the meanwhile, opportunistic physical investors continue to load up.
Quote of the Day
“The really exciting thing is gold’s October seasonal bottom is the last one before this metal’s strongest seasonal rally of the year. On average gold’s winter rally propels it 9.5% higher in bull-market years by late February. That 9.5% winter rally well outguns the 6.9% average autumn rally that recently ended, and dwarfs the 3.8% average spring rally. We are right at gold’s most-bullish time of the year seasonally! Gold has real potential to enjoy a monster winter rally this year, especially if these insane stock markets start to roll over under the Fed’s just-unleashed quantitative-tightening juggernaut.” – Adam Hamilton, Zeal LLC
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