The absence of upside momentum suggests a period of consolidation may be necessary before gold continues towards 600.
More Quotes from James Moore:
Platinum looks set to test 1100oz while a break above 298oz would leave the way clear for palladium to test of 330oz.James Moore
From a technical point of view, the current correction is positive for the longer-term bull run and should give the metal the legs to clear the current 25-year high ... and push on towards 600.
James Moore
Oil-driven inflation concerns seem set once again to propel the gold market higher with fund players keen to push the market in their favor.
James Moore
Like gold, platinum may need a period of consolidation before making a sustained rally. But with the metal trading close to its all-time high, I would be surprised if investors and fund players don't go gunning for the highs in the coming sessions.
James Moore
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.
James Moore
The combination of jumping oil prices and weak U.S. economic data has triggered an end-of-week rally in the precious metals complex, with gold rising to just shy of 559.
James Moore
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