FRX:Commodities: Precious Metals Strengthen on Dollar Weakness
Precious metals gained today at the opening of the European session, with gold gaining by 1 percent and silver rising by 3.6, as the US dollar weakened against the Euro due to last week’s wide sell-off. Spot gold spiked $14.05 to trade at $1,508.70 per ounce. According to analysts, the next resistance levels for gold lie at $1,518 and $1,522. On the downside, the immediate support is pegged near $1,490 and $1,474. Gold is still vulnerable to downside pressure in the short-term, despite the current bullish run.
Additionally, silver gained $1.15 to post $36.72, while platinum strengthened by $7 to trade at $1,793 per ounce and Palladium increased $11 to reach $728 per ounce.
