2011-02-09

Trading in gold remains lacklustre

Trading in gold remains lacklustre, with investors hesitant to commit. While appetite for risk seems to be growing, gains in equities remain modest, indicating that markets remain apprehensive. For now, this uncertainty is preventing a strong sell-off of gold. Some dollar weakness is providing some support, although, given the lack of both investor and physical interest, we don’t expect this to push prices significantly higher.

As copper shows signs of weakness, silver has begun to lose momentum. Currently, silver seems to be trading more in line with the rest of the precious metals complex.

Gold support is at $1,345 and $1,339. Resistance is at $1,355 and $1,359.

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