Gold pulled back from its record nominal high of $1,123/oz yesterday, as a stronger dollar initiated a bout of profit taking. It is currently trading at $1,108/oz. In the short term, a first stop for support should be sought at $1,098/oz and a resistance of $1119/oz.
In the longer term, the news that Vietnam has lifted its ban on gold imports will add fresh impetus and demand into a historically pro-gold region. Even with this bout of profit taking, a volatile dollar combined with the possibility of rampant inflation due to imprudent fiscal policy, gold should hold above the $1,000/oz level, gather fresh investors and continue its bull run.
Silver is currently trading at $17.33/oz, with resistance at $17.59/oz and support at $17.07/oz.
Platinum Group Metals
Platinum is trading at $1,361/oz, palladium is $352/oz and rhodium $2,050/oz.