Gold
Gold failed to settle above $960.0/oz yesterday despite the EUR/USD
breaking its previous high and touching 1.4445. Gold will have to
settle above $960.00/oz for it to test its previous high of
$1,033.00/oz but a lackluster performance over the last few trading
days suggests it is having difficulty. Direction today will come in the
form of inflation figures out of Europe and the US, and the closely
watched US Home Sales. If gold does break through $960.00/oz the next
resistance will be $981.00/oz. Failing that we will revert to the
current range of $905 - $960/oz.
Silver
Silver continues to look to gold for direction with near term support and resistance at $14.09/oz and $14.48/oz respectively.
Platinum group metals
Despite an agreement in South Africa on Friday, negotiations remain
ongoing within the PGM Sector. Good news for the PGMs came in the form
of higher than expected US July auto sales yesterday. This coupled with
soundings from the manufacturers that they intend to increase depleted
inventory, leaves platinum trading at $1,223.00/oz and rhodium at
$1,650.00/oz.
