The Democrats had a good night and took back the House. The Republicans maintained control of the Senate. The market’s response thus far has been mixed and somewhat tempered.
Gold is at $1233 up roughly 0.54% overnight. It would have to clear the $1240 level to support another attempt at exceeding the October $1246 high. To the downside, gold would have to drop below $1224 and then $1212 to recommend a bearish breakdown.
Silver is trading at $14.66 up 1.14% as I write. It would require a sustained rally above the $14.95 high to support an upside breakout. Whereas declining below $14.45 would sponsor the bearish case.
The S&P 500 futures are up 17-points or 0.64%, and oil is up 1.06% trading at $62.85. We may have a short-term bottom in oil if prices can rally and close above $63.40.
Frankly, markets are pretty quiet this morning, more so than I expected. Perhaps that will change after the open, but at the moment I haven’t seen significant reversals or trend changes in anything.
I’ll be watching miners closely for clues. Elections or not, if we are going to see the seasonal November crackup, prices need to begin moving lower.
I’ll update again between 10:00 AM and 11:00 AM.