The yellow metal reached as high as $1695 and is now modestly softer

Platinum was finally able to reach the $1700 threshold and, for a moment, hold that mark but resistance was plentiful. Despite some uncertainty about the mining situation in South Africa and a strong showing for 4^th quarter/2012 Chinese GDP data, the white metal is down nearly 1% in the early part of the session. Palladium is modestly lower after reaching a high of $732.90 but looks well supported at its current level of $725.35 after Chinese GDP data indicated that the world’s #2 economy grew at 7.9% to round out the last quarter of 2012. Gold was able to brave the pressure from improved weekly jobless claims and positive housing data and now finds support following the Philly Fed index that came in at -5.8, indicating a contracting manufacturing sector in the mid-Atlantic. The yellow metal reached as high as $1695 and is now modestly softer at $1688.  Consumer sentiment data will be reported at 10:00 am and one can’t expect it will show a positive outlook. Especially after the payroll tax-cut expired and those pesky post-holiday credit card bills start showing up in the mail. Have a great day!