Gold: A surging euro, which has already moved from 1.4244 to 1.4286 this morning, has seen gold fall off slightly in euro terms - down 0.09% at €668.90/oz. With the dollar going in the other direction, gold is holding strong at $956/oz and is already up 0.33% in this morning’s early trading.
Continuing dollar weakness could be instrumental in gold breaking through strong resistance at $966/oz. If this happens and we see a number of closes above this level, gold should be ready to challenge fresh highs.
Silver: Silver is also very buoyant this morning, critically staying above the $14/oz level. It is currently trading at $14.06/oz.
Platinum group metals: Encouraging news, especially from the automotive sector has provided fresh impetus for the group and platinum is steadily moving away from $1,200/oz in the right direction. After a few directionless days, palladium has broken through $260/oz. Its next target should be $275/oz. Rhodium is trading at $1,510/$1,610/oz.
