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.
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Platinum still looks a little shaky short-term and has the potential to dip to the 100-day moving average at 935oz, while palladium could fall back to the 220oz area.James Moore
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
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Gold has found follow through buying in the post-COMEX and Asian sessions which has led it to a fresh 25-year high of 570.50oz 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 575oz and potentially 600oz in the short-to medium term.
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This week could prove quite important for gold as speculators decision whether to probe higher or to continue locking in profits.
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The emergence of fundinvestor buying today, rather than long liquidation that was seen 12 months ago, is positive for gold's short- as well as longer-term outlook.
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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.
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