Tuesday November 12, 2013 08:26The

Tuesday November 12, 2013 08:26

The market held our support of $1,278 again overnight but continues to look heavy. The path of least resistance continues lower and traders may try to push the break for a test of the $1,255 level. US$ continues to be stable and without a headline to create a bullish impulse trade, traders are becoming more apathetic. Yellen’s confirmation hearing may create some position initiation as traders will look for clues in her testimony on her: if, when and what interest rate policy. The equity markets are also beginning to show some short-term topping signals, which may create flows back to the metals. Suggest the $1,278-$1,289 range for today.