GoldCore Precious Metals Update – Gold Falls on Dollar Rise and Profit Taking

Gold
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
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.

Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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