The African Standard bank released its daily commodities analysis and report for September 25th. The bank focused on platinum and palladium market.
Gold price found strong resistance around the $1,330 level on attempts to rally. It is expected for the gold market to remain quite for some time in anticipation of the Fed’s tapering.
Gold speculative longs have increased since Thursday, but it they might start to exit the market. The sustainability of longs entering the market is in question, as the U.S. bond yields might reach a similar level to that of gold regardless of the Fed tapering starts sooner or later this year.
Gold price key support is at $1,309 then at $1,300 while key resistance is at $1,333 then at $1,343. The yellow metal mostly consolidated between $1,311 and $1,327.
The gold market expected the Feds to announce the start of tapering the current monetary policy this month. The question among the market participants and analysts was about the rate of tapering and how much the Fed will taper. The FOMC surprised the world by delaying the tapering to unnamed time till the U.S. market generate better and sustainable economic signals.
COMEX gold future for December delivery settlement was at $1,320.70, DGCX gold future for October delivery was at $1,320.70, CBOT gold for December delivery at $1,316.50 and TOCOM gold for June delivery was at ¥4,202 per gram.