Standard Bank daily report 27 – june, 2013

Standard Bank

According to Standard Bank daily report, the precious metal especially gold took a step back during yesterday session because of the strength of the US dollar. Asian market provides some support to Platinum and palladium over gold and silver.

From a technical point of view according to Standard bank daily report, gold is in the time of oversold to receive support at $1220 USD/ Ounce, due to concerns about the banking liquidity in China, physical demand appears to be returning for the market in Asia. In that case, standard bank expects short covering process in the market. The precious metal support level is at $1,220 and $1,200 USD/ Ounce. Resistance level is at $1,265 and $1,300 USD/ Ounce.

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