Wednesday November 06, 2013 07:29
The metals are swinging within a tight range, trading on the suspected EU interest rate announcement tomorrow. Overnight, speculation that the EU would hold rates unchanged supported the Euro and the mildly weaker tone to the US dollar encouraged modest metal buying. Physical demand in North America has been waning, awaiting new levels to regenerate interest. The current price points for the metals have been saturated and new buying is awaiting a confirmation of an uptrend line or lower entry points ahead of the expected issues at year-end. Tomorrow should provide the catalyst for a trading break.