Gold Tracking U.S. Dollar

By: Mark_OByrne

Gold: Gained nearly 0.5% yesterday as it continues to track the fortunes, or lack thereof, of the dollar. It is currently trading at $953.30. Very strong support is showing at $935 with resistance still looking to break the magic $1000 level.

With production out of the 3rd largest producer in the world, South Africa, back at WWI levels the bullish long term sentiment continues.

Silver: Was the star performer yesterday, rising 2%. It closed at $15.21. Strong support is showing at $14.75 but silver hates to conform and therefore a break through resistance of $15.63 would not be entirely unpredicted.

Platinum: More than 27,000 ounces flowed into the ETF Securities backed fund this week, compared to only 2400 ounces last week. Platinum is still slightly directionless currently trading at $1,267, support is at $1,200 and resistance at $1,300.

Rhodium: Currently trading at $1,425/ $1,525

Jobs data is being released later today in the US, with markets looking for direction from the figures.

Bullion Services Team

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