Tuesday, July 29, 2014
Gold and silver continued to be well supported by the global political tensions.
Gold and silver continued to be well supported by the global political
tensions. There is no doubt it will stay this way for the foreseeable
future as there are not any solutions for these conflicts at the moment.
The metals may attempt
to the upside but traders will be hesitant ahead of the GDP number, Fed
Decision tomorrow and Non-Farm payrolls on Friday. The PGMs are
suffering from the same lackluster direction and will stay in range for
the same reasons. Today’s US Consumer Confidence
number came out 90.9 which is strong and should continue to keep the
metals subdued. Gold will find resistance at 1314 and support 1301,
silver will continue to find resistance at 20.80 level. Platinum will
find resistance at 1492/95 and support is 1472.
Palladium has support at 873 and resistance at 889.
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