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Wednesday's Analytical Charts for Gold, Silver and Platinum and Palladium Oct 1 2014 2:51PM


Commentary

Germany PMI In Contraction Oct 1 2014 8:42AM

A Step Back

The overnight session was clouded with bad economic news. Australia posted retails sales way below expectations at 0.1% vs. 0.4% for August, leading the Aussie to drop 80pts immediately but has since retraced half of its losses. Then came a shocking German Manufacturing PMI at 49.9, below the contraction level. That doesn’t bode well for the Euro-zone since Germany remains the major economic pillar for the region. The Euro-zone’s Manufacturing PMI also printed lower than expected at 50.3 vs. 50.5, a 15-month low. These numbers weighed on the Euro$ which traded back near yesterday’s lows at 1.2580/70. I don’t believe we will see more damage done on the downside on the Euro before tomorrow’s ECB. I thought we would see more action coming from Hong Kong during China’s National Day, which marks 65 years of communism. The crowds are getting bigger but it seems to remain civilized for now.
 
In Store for Today

Big event in the U.S. will be ADP, especially since it is Non-Farm Payroll week. The market expects a job creation of 205k. The other key data will happen a few hours later with ISM Manufacturing (exp 58.5)


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Precious Metal Charts

Global Indices

Index data delayed 30 min.
updown DJIA 16,804.51 -238.39
updown NASDAQ 4,422.09 -71.31
updown NIKKEI 16,112.83 -60.69
updown RUSSELL 1,085.61 -16.07
updown NYSE 10,571.50 -131.39
updown TSX 14,805.40 -155.07
updown USD 85.90 -0.02
updown Crude Oil 90.78 -0.38
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