Overall the prospect of a move higher looks increasingly likely, with prices set to clear the high of last year and push on towards $500 before the year is out, |
Palladium should continue to work between $240/oz and $265/oz. |
Platinum looks set to test $1100/oz while a break above $298/oz would leave the way clear for palladium to test of $330/oz. |
Platinum should continue to find support ahead of $940/oz with the metals supply deficit and strong industrial demand continuing to provide strong support while palladium is currently finding support at $240/oz with strong chart support pegged at $220/oz. |
Platinum still looks a little shaky short-term and has the potential to dip to the 100-day moving average at $935/oz, while palladium could fall back to the $220/oz area. |
Selling overnight has led the metal to $265/oz but for now the metal should remain in the $265/oz to $280/oz area. |
Sentiment is still very bullish. There is tension in the Middle East, and oil prices are rising because of it. All of this makes gold and the rest of the precious-metals complex a safe bet. |
Short-term direction is still heavily dependent on the currencies, however, with the market set to trade sideways around $405-30 for a while as traders continue to weigh up the latest economic news from the U.S., Europe and Japan, |
Short-term direction is still heavily dependent on the currencies, however, with the market set to trade sideways around $405-30 for a while as traders continue to weigh up the latest economic news from the U.S., Europe and Japan. |
Short-term the outlook for gold remains mixed with traders closely monitoring the movements in the currencies and oil as well as the newswires, while concerns about inflation and geo-political uncertainties continue to support a more bullish mid to long-term view. |
Silver ... continues to eye upside resistance pegged at $10.50 as ETF [exchange-traded funds] speculation continues. |
Silver again took its lead from the gold market with the industrial precious metal making light gains. |
Some profit taking has emerged overnight as oil prices soften but the current backdrop of geo-political tensions and nervous currency/energy markets are likely to draw investors towards more traditionally safe-haven assets such as gold. |
Speculation Barclay's ETF may be on the way has the potential to send the relatively illiquid silver market much higher in the next few months. |
Strike action in Mexico has certainly given the market a bullish boost. |