Monday, July 26, 2010

BULLION LATEST - Gold pares losses in erratic trade, caught in currency crosswinds

Forex Special

- Gold tipped into negative territory during afternoon trading on Monday, reacting to crosswinds in currency and equity markets, before paring some losses, although investors showed little interest in the safe-haven metal. 

- Gold briefly popped back above the $1,190 level before it subsided to $1,187.10/1,187.90 per ounce, a loss of $2.30 from Friday. Support is pegged at $1,185, $1,180 and $1,175.50, its two-month trough from last week. Resistance at $1,205 would need to be broken to reignite upside momentum.

- The slightly firmer euro swung around the 1.2940 level against the dollar. As second-quarter results season continued, FedEx raised its forecast for the current quarter and predicted a moderate recovery in the global economy. On Wall Street, stocks edged higher.

- Silver cut losses to $18.15/18.20 from below the $18.00 waterline, up just one cent. Platinum and palladium, having scaled one-month peaks earlier, consolidated just below these markers. Platinum was $6 higher at $1,548 but below the high of $1,556, while palladium at $473/478 was up $9 but below an earlier high of $478, its best since June 28.


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