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U.S. Dollar Bounce Knocks Gold Back Below $1000

Commodities / Gold & Silver 2009 Sep 14, 2009 - 07:33 AM GMT

By: GoldCore

Commodities

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.

The Bullion Services Team

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WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

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