For now gold should find support back to 548oz to 552oz with technical support at 545oz keeping the yellow metal within its current uptrend, while scaled up resistance should continue to be found ahead of 575oz.
More Quotes from James Moore:
Silver again took its lead from the gold market with the industrial precious metal making light gains.James Moore
The emergence of fundinvestor buying today, rather than long liquidation that was seen 12 months ago, is positive for gold's short- as well as longer-term outlook.
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The basic fundamentals for gold are looking very good.
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Platinum still looks a little shaky short-term and has the potential to dip to the 100-day moving average at 935oz, while palladium could fall back to the 220oz area.
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Fund players have featured heavily on the bid across the day, taking platinum and silver as well most of the base complex to fresh highs today.
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