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Gold Manages Break and Hold Above $960

Commodities / Gold & Silver 2009 Aug 06, 2009 - 06:46 AM GMT

By: GoldCore

Commodities

Gold
Gold, currently trading at $961.00/oz, has managed to stay above the $960.00/oz support mark and is finding it tough to break through the next resistance of $970.00/oz. If broken, it should test the further resistance of $980.00/oz very quickly. The ECB and the BOE meet today but are expected to leave interest rates unchanged.


Falling central bank sales, Chinese and other central bank buying, falling scrap supply and continuing investor demand should see gold break above resistance at the record highs of just over $1030/oz in the coming weeks. Given the length of time of the recent consolidation, once resistance is broken at this level we could move very quickly to over $1,200/oz.

Silver
Silver traded as high as $14.7925/oz overnight and has not been here since June 15th. Currently trading at $14.65/oz and is facing resistance at $14.87/oz and support at $14.53/oz. Silver’s fundamentals look as bullish as ever and if even only a fraction of the capital in skittish currency and long term bond markets flows into silver we will see silver target its recent record high over $20/oz.

Platinum group metals
The PGMs are experiencing a strong push of late helped more recently by a threatened strike from South Africa's largest electricity producer Eskom. Palladium is currently trading at $273.00/oz with resistance at $283.0o/oz. Platinum is trading at $1,275.oo/oz and rhodium continues its strong run at $1,700.00/oz.

Bullion Services Team

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