Market Update – Gold steady, awaits new trend direction

GOLD

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

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. 

PGM’s

Platinum is trading at $1,545/oz and palladium is currently trading at $448/oz. While rhodium is at $2,525/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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