Precious metals firmed in overseas trading on Wednesday in anticipation of US markets moving back toward normal operations in the wake of Hurricane Sandy. Gold neared the high for the week at 1718.78, but this level remains intact.
Silver firmed to establish new highs for the week, resulting in a violation of the upper limits of the small triangle pattern that had emerged since last week. Silver's gains also led to another pullback in the gold/silver ratio from the recent highs around 54.00, but today's Chicago PMI miss has tempered the bid for the largely industrial metal somewhat. Additionally, investors may be reluctant to take the market decisively one way or the other in advance of Friday's nonfarm payrolls report and Tuesday's elections.
Incidentally, the employment gauge in this morning's Chicago PMI data fell to a 33-month low of 50.3 in October, versus 52.0 in September. I wouldn't be surprised to see some scaling back of payrolls expectations ahead of the jobs report. Consensus for payrolls is presently running around +118k, and an uptick in the jobless rate to 7.9%.
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