Market Update – Gold steady, awaits new trend direction
Gold dipped to $1,109.80/oz in US trading before recovering to $1,114..00/oz. It jumped to $1,121.00/oz in Asian trading earlier this morning before falling slightly. Gold is currently trading at $1,115.00/oz and in Euro and GBP terms, gold is trading at €817/oz and £722/oz respectively. As Euro weakness continues Gold/Euro remains well supported.
£722 proving resistance for Gold/GBP.
The 50 day and 100 day moving averages for USD/Gold converging. A crossover can be potentially interpreted as a bearish signal.
Silver range traded this morning in Asia from $16.24/oz to $16.40/oz. Silver is currently trading at $16.28/oz, €11.92/oz and £10.53/oz.
Platinum is trading at $1,545/oz and palladium is currently trading at $448/oz. While rhodium is at $2,525/oz.