Yesterday's trading in gold was a mixed bag. Initially the yellow metal shoot up hitting an intraday high of $1024.00/oz which represents a fresh record for the year. Nevertheless the strong rally was followed by heavy selling with participants taking profit but gold managed to remain above the $1000.00 mark throughout the entire session. A late decline in the US dollar helped gold recoup some of its losses closing $2.00 down for the day. Silver moved down with gold largely on participants taking some profits off table not before posting a fresh high at $17.660/oz. As long as the greenback remains under pressure both precious metals are likely to be supported with any light pullback seen as a healthy consolidation.
Gold & Silver