Metals Close
Metals finished mixed on the day with Gold up 1.3% to 816.80, Silver flat at 13.105, Platinum down 3.1% to 1351.3 and Copper rising 3.4% to 342.85.
Gold broke key resistance at 800 and shot up to 820 around noon. It trickled downwards for the rest of the session, but held on to most of its gains. Tomorrow, resistance will be at today’s high of 820.80 with support at the 800 handle.
Copper rallied all the way up to the 21-day moving average of 347, but couldn’t break through resistance. It sold off into the close and also fell below Thursday’s high of 343.40.
Yesterday’s close of 13.10 served as resistance for Silver for much of the day, but that level was breached around lunch and Silver reached a high of 13.335. Silver could not hold those gains, however, and sold off until it hit 13.10, which had turned into support.
Platinum continued its run downwards although it finished well of its low of 1307. Platinum is off 34% in the last 5 weeks.