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Silver falls but stays the same

ByVictoria

The silver market has been somewhat sideways over the last few weeks, but the Wednesday session could provide enough information to get people moving again.

Silver fell in the early hours of Wednesday as we have tested the crucial $33 level again. This is an area that of course has been like a magnet for price for some time.

Talks between the United States and China are seemingly a thing now, and that, of course, will help the idea of industrial demand for silver, but it takes away that precious metal trade as well.

Source – FX Empire

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    Gold hasn’t moved much, down .01%

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    Spot gold was down 0.1% at $2,913.79 an ounce as of 10:04 a.m. EST (1504 GMT). U.S. gold futures rose 0.1% to $2,923.70.

    “There’s still buying interest out there now … there’s going to be some measure of caution ahead of Friday’s (payrolls data), but the underlying trend remains favorable,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. 

    “If the number comes out really bad, I would imagine gold sells off. If it comes out neutral, I don’t think that’s going to move the needle too much. But if it comes out bullish, then gold takes off and we get pretty quick to $3,000, if not higher than that,” said Daniel Pavilonis, senior market strategist at RJO Futures.

    Spot silver advanced 1.2% to $32.36 an ounce and palladium fell 0.4% to $938.22. Platinum gained 0.5% to $965.45.

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