Despite the risk of another correction though gold should continue to find good support given the limited change in the macroeconomic and geopolitical picture, particularly with the UN security council's deadline on Iran approaching at the end of the week
More Quotes from James Moore:
Gold looks set to remain in its current uptrend for the moment, with fresh investment interest keen to drive the market higher.James Moore
Offers have emerged overnight with gold so far matching yesterday's low but with early closes in London and New York today and both markets shut tomorrow for Good Friday, traders are going to be reluctant to go home short given the heightened geopolitical climate.
James Moore
Platinum looks set to test 1100oz while a break above 298oz would leave the way clear for palladium to test of 330oz.
James Moore
Fund players have featured heavily on the bid across the day, taking platinum and silver as well most of the base complex to fresh highs today.
James Moore
The market for gold is very thin and gold is higher on a bit of buying. Gold could test 518oz or maybe 525oz today. The range for the rest of today, for gold, is likely to be between 518oz to 525oz. Despite the risk of a downwards correction, similar to that seen at the start of 2005, the outlook for the precious complex remains very upbeat with the combination of positive supply and demand fundamentals, good physical and growing investor demand set to push the metal beyond the 541oz high seen in early December and continue the bull-trend across the year.
James Moore
Gold has failed to match the lofty highs of 451.50 seen during Asian overnight trade, drifting back under the 450 level in European trade as players monitored the movements in the currencies.
James Moore
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