2011-03-04

Possible end to the crisis in Libya has quelled investor demand for Gold


For the most part New York and Asian trade was not particularly interesting. Gold did manage to post a record high of $1,440 as oil prices moved higher, but was unable to hold onto these gains. For silver, the $35.00 mark remained an impenetrable resistance level. Some profit taking and position squaring saw some dips, but otherwise trade was mostly sideways.

Earlier this morning, however, news of a possible end to the crisis in Libya has quelled investor demand for precious metals prompting a sharp fall in prices. With no firm statements or commitment from the conflicting parties in Libya, gold and silver have since rebounded but remain on the back foot. Developments on this front should be closely watched as any announcements
could spark another sell-off.

Gold support is at $1,425 and $1,420. Resistance is at $1,439 and $1,446.

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