04 September 2013

Gold Daily and Silver Weekly Charts - September Antics On Light Trading Volumes

I suspect many senior traders and managers have extended Labor Day weekend holidays still going.

Or perhaps people see how badly distorted the short term trading metals has become, and are choosing not to play.
"It's a market that's been sewn up by banks and trade houses, and others can't operate.  That's OK, that's business, but we can choose not to be in that business."

Lars Steffensen, Ebullio Exits 'Impossible' Metals Trading
Gold and silver had some technical looking bear raid action going on as downward pressure was applied from the earlier trading hours.

So far it is much ado about setting what looks like a 'right shoulder' in the inverse head and shoulders bottom. 

Let's see how the week goes, keeping our eyes on Syria and the Non-Farm Payrolls on Friday.

And also on the COMEX deliverables which are historically a bit on the slim side, suggesting higher prices to come.