Weak trading in the precious metals’ markets due to the absence of the US markets
Gold prices traded within a narrow range under the weakness of the trading volume, due to the absence of USA and UK today, despite of that, gold is trading at its highest levels in almost four weeks.
The USA today is celebrating the Memorial Day holiday, whereas UK is celebrating the first day of spring, so this absence was reflected on the volume in the markets and trading, which was very limited.
Gold has successfully passed through the resistance point on Friday at $1532.00 an ounce which represents the correctional level for 61.8% Fibonacci downward trend that started from $1576.19 an ounce ending at $1462.38 an ounce, closing today's trading at $1536.15 an ounce.
Today's trading was within a narrow range, as it started trading at $1535.95 an ounce, recording an intraday high of $1537.80 and a low of $1534.05 an ounce.
Fears from ofthe sovereign debt crisis in Europe along with no clear vision about the possibility of supporting Greece, in addition to fears about the slowing down of major economies has enhanced the gold to stay at its highest levels in four weeks, even if the rise in the USD has contributed in that rise.
The U.S. dollar index, which measures the performance of dollar against six major currencies, was trading today near its lowest levels in three weeks, and currently trading around 74.97 after hitting the highest at 75.00 and the lowest at 74.78.
Silver also has witnessed a weak trading today, currently trading around $38.22 after achieving the highest at $38.37 and the lowest at $37.63 an ounce.