Gold had another higher weekly close last week which is important from a technical perspective. This could lead to technical traders and momentum funds increasing their long positions and possibly creating a short squeeze. If there is period of profit taking, there is likely to be support at previous resistance between $1,020/oz and $1,030/oz and strong support at $1,000/oz.
A very sharp correction could see gold fall some 10% from the recent high ($1,070/oz) to $960/oz. If this happened it would be a great buying opportunity and could be the last time to buy gold under $1,000/oz for the foreseeable future. In Euro and GBP terms gold is trading at €706.63/oz and £648/oz. Support for gold is currently seen at $1,034/oz and resistance at $1,054/oz.
Silver is trading at $17.48/oz. In euro and GBP terms silver is trading at €11.70/oz and £10.73/oz.
Platinum Group Metals
Platinum is trading at $1,351/oz while rhodium and palladium are trading at $1,650/oz and $331/oz respectively.
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