Daily Gold Update

Source: The Bullion Desk

London— Gold found some support on the New York open, after trading down to $316.50/90 in London on the back of stronger equities. Equities remain on the firm side today, ahead of the FOMC interest rate decision to be made on Wednesday. Overall the market looks like it will remain range bound $316-20, certainly until the Fed decision on Wednesday, although I tend to favour a test higher again over the coming weeks.

Silver continues to track gold, trading slightly higher in early New York after fixing at $4.45 in London this morning. Silver should struggle to get much higher than Fridays high for the moment, with the 100 and 200-day Moving Averages ($4.6340/$4.6060 respectively) providing formidable resistance. Silver looks like it will continue to trade $4.46-60 for the moment, although I tend to favour a test lower again.

Platinum remains on the quiet side for the moment, largely due to the Japanese holiday which is keeping interest to a minimum. Platinum is slightly firmer at the moment, although the $580 area is providing some resistance.

Palladium is very quiet for the moment, although the outlook still remains weak with a view to test support around $300.

AGE Note: Gold is holding steady and is range bound ahead of the upcoming Fed meeting.