Spot prices

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Monday, July 22, 2013

Gold managed to break above the psychological level of $1300 in the overnight session

Gold managed to break above the psychological level of $1300 in the overnight session and looks to be  well supported as the greenback feels some pressure amid easing geo-political concerns, particularly from Japan and Portugal. Japanese Prime Minister Abe’s party scored a political victory easing tensions in the country while Portugal’s President  has said the coalition government will remain intact for the sake of the €78 billion bailout program.  The yellow metal now trades $1321 after spending most of last week searching for direction amid uncertainty surrounding the end of Quantitative Easing. Silver has also managed to break through its psychological level of $20.00 that it failed to breach through much of last week. Silver is now outshining the rest of the metals complex, up more than 4% to its current level of $20.265. Platinum is up 1% to $1446 while palladium looks to be holding last week’s closing levels rather well. Existing home sales are on tap for this morning while more corporate earnings will be reported throughout the week. Have a great day!
 

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