PM End of Week Market Commentary - 10/5/2013  By davefairtex on
Sat, Oct 5, 2013 - 5:29am  Gold finished Friday down -5.50 on
light volume, while silver was up +0.06 to 21.75 also on light
volume. The gold/silver ratio dropped -0.41to 60.30.  While
silver appears to be back to moving sideways within its trading
range, both gold and silver remain below their 50 day MAs.  The
light volume, the drift sideways-to-down suggests no real
interest in the metals.  If we look at the price trend on the
daily chart, gold looks to be forming a large descending
triangle formation which is a generally bearish pattern.  If
1275 breaks, my guess is we'll see 1200 before we see 1425. 
Gold really needs to close above that downsloping trendline -
which looks to be perhaps 1330-1335 for the clear pattern of
lower highs to be broken.  The dollar rallied strongly today,
+0.38 [+0.47%] to 80.25, and it closed the week down -0.12%
overall.  Just looking at the chart, it would appear that the
dollar may have found support just below