However, dip buying and a lack of sellers kept prices propped up above the $319 level throughout. With sentiment squarely in favor of the bulls, further gains were expected over the coming days and weeks.
Initial price targets are $325, $330 and $340, dealers said.
ODJ NY Precious Metals Midday: Gold Solid Above $319
New York, May 24, 2002 (ODJ via COMTEX) -- -- Gold Below Thursday Highs But Due Higher
(OsterDowJones) - Comex Jun gold futures held up in a $319.30-$322.50 range Friday in a consolidatory mode just off Thursday's fresh 23-month highs, ahead of the U.S. long weekend.
Gold surged Thursday on the back of sustained weakness in the dollar, heightened tensions in the Middle East and pre-long weekend short covering. But it eased slightly overnight and Friday morning as the much of the short covering passed.
However, dip buying and a lack of sellers kept prices propped up above the $319 level throughout. With sentiment squarely in favor of the bulls, further gains were expected over the coming days and weeks.
Initial price targets are $325, $330 and $340, dealers said.
Jly silver was also largely flat throughout in a $4.860-$4.915 range. Jly is expected to remain on that sideways heading until gold dictates otherwise.
"We're locked into whatever trading pattern gold is in, so whatever it does, we do," a dealer said.
Jly platinum and Jun palladium, meanwhile, were left in very thin conditions amid the abbreviated trading session, and chopped about mainly within their recent ranges on whatever light business was transacted.
Dealers said Jly platinum and Jun palladium were expected to remain above $530 and $350, respectively, over the coming days.
--- Gavin Maguire, OsterDowJones, (212) 668-0071 metals@osterdowjones.com
By Gavin Maguire
zawya.com |
