Gold looks to have found a foothold
above $1400 for the moment after spending much of the week struggling to
break through that level after the recent historic sell-off. The
overnight session had the yellow metal reach as high as $1424.70
before retreating, indicating there’s still a healthy amount of
uncertainty in the market. Reports of decent physical demand aren’t all
too surprising and coupled with Germany induced EUR strength and a
two-day downtrend in the equities arena, gold now trades
around the $1407 mark heading into the end of the week. The rest of the
complex looks to be following suit as silver is up .75% from
yesterday’s close. Palladium is up .75% as well, now trading ~$675.
Platinum is odd man out at the moment but only down a modest
.10%.The G20 meeting in Washington wraps up today so developments from
that shindig will be eyed closely. Have a great weekend!
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