GoldCore Precious Metals Update
Gold in dollar and euro terms has slipped this morning in volatile trading conditions as the dollar gains ground. However, gold is up slightly in sterling terms as sterling has come under pressure and slipped against the dollar. The first level of resistance seems to be at $946/oz and strong resistance at $960/oz thereafter. Support is at $926/oz. Whatever the short term movements of gold are, the market has a lot of very interested spectators waiting for the optimum point to enter as it is widely expected that gold is on the verge of a very strong and sustainable move upwards. Especially as investment demand remains robust as reported by the World Gold Council today. They found that while investment demand in Q2 2009 was below the exceptional levels seen in Q1 (when economic and financial sector uncertainty was at extreme levels), identifiable investment demand still surged 46% in Q2 2009. Net retail investment in Q2 2009 was up 12% on the levels of a year earlier. Investor inflows in western markets remained very strong. The more traditional non-western markets, with the exception of Turkey and notably China, generally experienced weaker investment demand. Gold is currently trading at $932/oz.
Silver is also slipping back and has already fallen through 2 levels of support. The next level of support is $13.36/oz with resistance now being the previous support of $13.80/oz. Silver is currently trading at $13.63/oz.
Platinum Group Metals
Platinum is currently trading at $1,219/oz down $8.00/oz. Palladium is $270/oz and rhodium $1,600/$1,700/oz.