Friday

Follow Hard Assets COMEX gold stocks at record lows as SGE volumes surge 61%

Today’s AM fix was USD 1,237.25, EUR 908.61 and GBP 757.19 per ounce. Yesterday’s AM fix was USD 1,238.00, EUR 908.56 and GBP 753.91 per ounce.

Gold fell $2.80 or 0.23% yesterday, closing at $1,240.60/oz. Silver slipped $0.04 or 0.2% closing at $20.15/oz.

Gold prices are marginally lower again today in most currencies. Gold is more than 1% higher in Australian dollars after a very poor jobs number in Australia raised concerns about Australian asset bubbles and the Australian economy. The Aussie dollar has fallen by 4.4% against gold so far this year.

Technically, gold is looking sounder. Support is at $1,220, $1,200 and of course what appears to be a double bottom at $1,180/oz. A close above $1,270 could see gold quickly move to test resistance at $1,300 and $1,330.

http://www.resourceinvestor.com/2014/01/16/comex-gold-stocks-at-record-lows-as-sge-volumes-su?t=precious-metals
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