Gold Manages Break and Hold Above $960

By: GoldCore

Gold
Gold, currently trading at $961.00/oz, has managed to stay above the $960.00/oz support mark and is finding it tough to break through the next resistance of $970.00/oz. If broken, it should test the further resistance of $980.00/oz very quickly. The ECB and the BOE meet today but are expected to leave interest rates unchanged.

Falling central bank sales, Chinese and other central bank buying, falling scrap supply and continuing investor demand should see gold break above resistance at the record highs of just over $1030/oz in the coming weeks. Given the length of time of the recent consolidation, once resistance is broken at this level we could move very quickly to over $1,200/oz.

Silver
Silver traded as high as $14.7925/oz overnight and has not been here since June 15th. Currently trading at $14.65/oz and is facing resistance at $14.87/oz and support at $14.53/oz. Silver’s fundamentals look as bullish as ever and if even only a fraction of the capital in skittish currency and long term bond markets flows into silver we will see silver target its recent record high over $20/oz.

Platinum group metals
The PGMs are experiencing a strong push of late helped more recently by a threatened strike from South Africa's largest electricity producer Eskom. Palladium is currently trading at $273.00/oz with resistance at $283.0o/oz. Platinum is trading at $1,275.oo/oz and rhodium continues its strong run at $1,700.00/oz.

Bullion Services Team

WINNERS MoneyMate and Investor Magazine Financial Analysts 2006

Disclaimer: The information in this document has been obtained from sources, which we believe to be reliable. We cannot guarantee its accuracy or completeness. It does not constitute a solicitation for the purchase or sale of any investment. Any person acting on the information contained in this document does so at their own risk. Recommendations in this document may not be suitable for all investors. Individual circumstances should be considered before a decision to invest is taken. Investors should note the following: Past experience is not necessarily a guide to future performance. The value of investments may fall or rise against investors' interests. Income levels from investments may fluctuate. Changes in exchange rates may have an adverse effect on the value of, or income from, investments denominated in foreign currencies. GoldCore Limited, trading as GoldCore is a Multi-Agency Intermediary regulated by the Irish Financial Regulator.

GoldCore is committed to complying with the requirements of the Data Protection Act. This means that in the provision of our services, appropriate personal information is processed and kept securely. It also means that we will never sell your details to a third party. The information you provide will remain confidential and may be used for the provision of related services. Such information may be disclosed in confidence to agents or service providers, regulatory bodies and group companies. You have the right to ask for a copy of certain information held by us in our records in return for payment of a small fee. You also have the right to require us to correct any inaccuracies in your information. The details you are being asked to supply may be used to provide you with information about other products and services either from GoldCore or other group companies or to provide services which any member of the group has arranged for you with a third party. If you do not wish to receive such contact, please write to the Marketing Manager GoldCore, 63 Fitzwilliam Square, Dublin 2 marking the envelope 'data protection'

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.