The gold price suffers a small dip leading into the US session on thin volume

New York (Oct 12)  Gold has moved slightly lower in the first part of the EU session leading into the US market open. The US session could be quiet as there is a public holiday throughout North America (inc Canada) at the beginning of the week. The $1920 area seems to be a good support zone for now as volumes are light and it had been used as a resistance in the past. The level the bulls are looking out for is at the previous wave high at $1933.28 per ounce. At the end of last week there was some good upside momentum and it will be interesting to see if this can continue leading into the rest of this week.

 The silver chart has a slightly different structure. The market has pulled off its best levels but the metal is slightly further away from the next support zone. The aforementioned support level is down at £24.50 per ounce where the market has used the zone as resistance in the past. Like gold, silver had a strong finish to last week and this could just be as small retracement as the volume is pretty thin today.

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