Spot Gold prices are holding firm in Asia this morning after the metal rose almost $30 yesterday from $1731 to $1760. The metal edged up minutely to $1760.13 in early trade today before easing back to $1754.15, but remains supported by firmer Oil prices, a weaker USD Index and the positive albeit tentative Greek/EU debt deal. Tensions in the Middle East, particularly between Iran and the West, are buoying crude prices which hit 9month highs yesterday. This in turn is adding support to the metal along with a sharp rise in copper prices and platinum which hit 5 month highs. strong resistance is seen ahead at the Feb 3 highs of $1763.25 with a break there targeting the psychological and Nov9 highs of $1800. On the downside support is seen towards $1728.70 with stronger towards $1704/1705. the metal is currently trading around $1758 as Europe opens.
EasyForexNews Research Team