Another solid night for the precious metal complex, with gold heading back above USD $1240 and silver kissing USD $20 again, as disappointing German Industrial...

Jordan Eliseo

Another solid night for the precious metal complex, with gold heading back above USD $1240 and silver kissing USD $20 again, as disappointing German Industrial Production data, and a series of speeches from various Fed Governors leave the markets no surer of a plan for when the Fed might taper QE. The latest Commitment of Traders Data published by the CFTC again looks 'bullish' from a contrarian perspective, with commercial traders in a similar net short position to where they were in June, when gold fell below USD $1200 an ounce. That price level marked the 'bottom' in bullion (at least for now, as a potential re-test is still a strong possibility), with gold prices rallying circa USD $200 an ounce in July and August. With little 'market moving' US economic data out this week except for retail sales, it's all eyes on the Fed in the run in to Xmas.


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