Spot Gold continues to follow risk sentiment, picking up yesterday on the back of generally stronger equity and commodity markets, a weaker USD Index and firmer Oil prices. Middle eastern tensions are still in evidence which is also adding some support to the metal on a safe-haven basis. Spot opened at $1611.35 yesterday and picked up strongly throughout the morning hitting highs of $1640.50 in early NY before easing back later to $1630 and closing out the day around $1632.60. Asian markets this morning have seen a modest rally up to $1638.50 before settling around $1637.00 ahead of Europe. Today’s support is seen at $1630.30 and $1608.50 with resistance towards $1642 and $1678.25. Silver also made strong gains yesterday rallying to $30.33 from $28.97 and has since settled around $29.95 ahead of Europe this morning. Resistance is seen at $30.34 and $31.03 with support down at $29.00 and $28.60.
EasyForexNews Research Team