Side-trading among the precious metals markets
Gold is still trading within a narrow range as investors are awaiting the monthly US Jobs report due to be issued tomorrow, despite relative retreat witnessed ahead the opening of the U.S markets.
In addition gold prices hiked yesterday on European debt crisis concern, as Moody's cut rating for Greece amid debt restructuring worries.
Not to mention that weak economic data showed US private employers added fewer jobs a month ago, the thing that drove investors toward gold as a safe haven to trade yesterday near the $1550.00 an ounce, considered strong resistance level limiting further inclines.
Meanwhile, a calm trading dominated global markets due to the banks holidays in Switzerland, Germany, France, and Italy and therefore precious metals trading eased down relatively.
That Despite US dollar plunged as the Euro advanced after Chancellor Angela Merkel supported the European central bank president plans to establish an EU ministry of finance, including seventeen countries, the thing that led the Euro to a record high in almost three months and therefore the calm trading will probably last until the release of the infamous jobs report on Friday.
Today Gold is trading narrowly at the level of $1535.00 an ounce after reaching the highest level at $1544.23 an ounce.
Whereas Silver is trading lower for the second consecutive day at a narrow range, despite silver witnessed a heavy trading along the past period, to currently trade at the level of $36.60 an ounce near the lowest level at $36.48 while highest level at $37.41 an ounce, technical wise, the index witnessed a neutral pace indexes reflecting investors anticipation mentioned earlier.