A bounce in the dollar has pulled gold back from its overnight high of $1009/oz. Gold’s inability to sustain a robust move through the psychological $1000/oz barrier has seen a further period of profit taking. The next significant points in either direction for gold, will be support at $990/oz and a close above $1,012/oz. The higher figure will regain the trust of investors that gold can challenge the March 2008 highs of $1,033/oz.
Silver, in tandem with gold, is also suffering from a stronger dollar and profit taking. It is currently trading at $16.35/oz.
Platinum group metals
Platinum has finally broken through $1,300/oz. This is a significant move and that level may now prove to be support. Palladium has fallen back slightly and is finding it hard to break through $295/oz. Rhodium is at $1,600/$1,700/oz.