Gold’s London AM fix this morning was USD 1,654.00, EUR 1,250.28, and GBP 1,019.60 per ounce. Yesterday's AM fix was USD 1,648.25, EUR 1,246.22 and GBP 1,017.88 per ounce.
Silver is trading at $30.16/oz., €23.65/oz. and £19.29/oz. Platinum is trading at $1,576.25/oz., palladium at $658.75/oz. and rhodium at $1,350/oz.
Gold rose $13.80.60 or 0.84% in New York yesterday and closed at $1,657.60/oz. Gold traded initially sideways in Asia then it dipped downward and recovered in early European trading.Cross Currency Table – (Bloomberg)
Support for gold is at $1,624/oz. and $1,612/oz. and resistance is at $1,663/oz. and $1,684/oz.
Gold is some 1% higher on the week in USD and EUR and the higher weekly close would aid the poor short term technical picture.
Gold consolidated on the gains seen yesterday as the downgrading of Spain's credit rating added fuel to concerns about the debt stricken euro zone. Spain and Italy’s debt servicing costs rose again this morning and the Spanish 10 year touched 6% again.