The bears ran out of steam on Friday which forced the shorts to cover driving the price of gold higher.

The bears ran out of steam on Friday which forced the shorts to cover driving the price of gold higher. The inability of the shorts to get the yellow metal to break below 1286 had them turning tail. The ability to go above the 1300 number is psychologically bullish but gold will need more fundamental support to keep it above this price. The rest of the precious metals complex of course has benefitted as well. The PGMs may also be benefitting more so on the news of further sanctions out of Europe on Russia which keeps raising concerns of supply risk into the future. The Net Longs on Pt futures are exceptionally high and could tempt profit takers but the continued growth of the Pt ETFs now at 2.878 mm ounces continues to add support. This afternoons release of the FOMC minutes of the last meetings are certain to be an important focus of the markets in general. Gold has resistance at 1309 and support at 1301, silver resistance 20.80, platinum has support 1472 and resistance 1488/92, Pd has resistance at 888/892.