Gold has found follow through buying in the post-COMEX and Asian sessions which has led it to a fresh 25-year high of $570.50/oz and in the current climate of inflationary concerns due to rising energy costs and geo-political uncertainties, particularly in the Middle-East, gold looks set to continue higher, targeting $575/oz and potentially $600/oz in the short-to medium term.
The firm start in the US might be the catalyst needed for a test of $575/oz, particularly with the IAEA due to reach its verdict on Iran which could mean sanctions and would not only heighten tension in the Middle East, but could create inflation concerns if oil output was curbed.
The dollar's long-term prospects are still in question as [oil prices] remain high and many areas in the [southern] United States have been left in turmoil in the wake of Hurricane Katrina.
Buying overnight has lifted platinum back to $1 080/oz and the bullish mood in the metal looks set to test $1 100/oz in the coming sessions.
Platinum looks set to test $1100/oz while a break above $298/oz would leave the way clear for palladium to test of $330/oz.
Selling overnight has led the metal to $265/oz but for now the metal should remain in the $265/oz to $280/oz area.
For the moment support should continue to be found back at $545/oz to $548/oz while resistance is seen at $560/oz to $565/oz.
The general bullish tone still seen within the commodities sector as well as the lack of chart resistance looks set to push platinum to further highs in the coming sessions.
This bill will save Vermonters about $130 million on their energy bills by 2020.
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