MF Global Daily Report: Precious Metals (Sept. 30, 2011)

Sept. 30 (MF Global) -- Price Outlook

Precious metals prices are expected to face similar influences in today’s trade as they did in yesterday’s but once again, we think that technical factors could push the markets slightly higher. Support will also be offered by the hope that Europe strikes a deal to allow aid to Greece or an orderly default to occur and from signs of bargain-hunting in the silver ETF. Opposing pressure will come from the slow reaction to positive technical factors and from a bearish seasonal pattern in the gold market that is in place until October 19th. We favor trading metals as neutral affairs in today’s trade.