Micro Gold (MGC) and Micro Silver futures (SIL) update

  • Gold posted a solid if unspectacular October, recovering from a difficult September to post a 1.5% monthly gain.
  • Towards the end of the month, the market once again climbed above 1800 USD/oz but could not hold that amount.
  • The market is keeping an eye on a similar set of factors as has been the case for the last several months ‒ namely inflation, the Fed taper, and the timing of “lift off” in US nominal rates.
  • October saw some increases in managed money net length, perhaps as the headwinds for gold may have been factored into these price levels.
  • November has started very positively, with gold posting gains after key events (FOMC and NFP) and now sitting just below a key resistance level of 1835 USD/oz.
  • Silver outperformed gold in October, rebounding by 8.5% after falling below 22 USD/oz towards the end of September.  

*  APAC hours represent 8 a.m. – 8 p.m. SGT/HKT

MGC and SIL price movement and daily range (expressed in terms of one lot notional)

* Intraday price movement is expressed as the difference between the daily high price and the daily low price, multiplied by the contract notional size in troy ounce.

Options heatmap

Key economic events in November/December

  • November 10 – US inflation numbers – 9:30 p.m. SGT / HK
  • November 16 – Retail sales – 9:30 p.m. SGT / HKT
  • November 25 – FOMC minutes – 3:00 a.m. SGT / HKT
  • December 1 – Manufacturing PMIs – 9:30 p.m. SGT / HKT
  • December 3 – Non-farm payrolls – 9:30 p.m. SGT / HKT
  • December 7 – Balance of trade – 9:30 p.m. SGT / HKT

Useful resources

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