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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