Gold's Next Move Will Come from Inflation Figures
Source: Seeking Alpha, GoldCore (8/4/09)
"Gold will have to settle above $960.00/oz for it to test its previous high of $1,033.00/oz. . ."
Direction today will come in the form of inflation figures out of Europe and the U.S., and the closely watched U.S. Home Sales. If gold does break through $960.00/oz, the next resistance will be $981.00/oz. Failing that, we will revert to the current range of $905 - $960/oz.
Silver: Silver continues to look to gold for direction with near-term support and resistance at $14.09/oz and $14.48/oz, respectively.
Platinum group metals: Despite an agreement in South Africa on Friday, negotiations remain ongoing within the PGM sector. Good news for the PGMs came yesterday in the form of higher-than-expected U.S. July auto sales. This coupled with soundings from the manufacturers that they intend to increase depleted inventory, leaves platinum trading at $1,223.00/oz and rhodium at $1,650.00/oz.