Standard Bank daily report 21 – June, 2013

Standard Bank

According to Standard Bank report, today, the Fed add a lot of tension over the precious metal, and it was clear on Wednesday. The PBOC (people bank of China) made  a new policy which is going to be negative for the commodity demand. Both of the Fed and PBOC seems to keep the same down trend of the precious metal by the pressure they act on it. Standard bank report expects that a short covering process will take place in the market ahead of the weekend.  Gold and silver are going to decline, especially after the yellow metal break the support level of $1350 USD/ Ounce. The precious metal new support level is $1232 USD/ Ounce, resistance at $1300 and $13500 USD/ Ounce.

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