Gold made further gains on Friday after opening at $1384 and rallied steadily to a high of $1392.15

<p>Gold Gold made further gains on Friday after opening at $1384 and rallied steadily to a high of $1392.15 before closing in NY at $1390.10.The […]</p>

Gold made further gains on Friday after opening at $1384 and rallied steadily to a high of $1392.15 before closing in NY at $1390.10.The metal continues to climb on the back of the N. African and Middle East unrest and has rallied again in Asia this morning to a high of $1397.30. Support is now seen towards $1382 and $1376.50 with resistance at $1400 and $1417. Silver put in another large rally on Friday, from opening levels of $31.75 the metal stormed higher to $32.89 before easing back to close at $32.65. Asian markets have taken silver higher again this morning to a fresh 30 year high of $33.40. Support rests back at $31.63 and $31.25.
Range: 1.3666 – 1.3727
Support: 1.3630
Resistance: 1.3750
Closed in NY Friday at $1.3687 with rate marking a pre official market open high of $1.3727 (NY high $1.3716) before slipping back to hold between $1.3684/96 in early Asian dealing. Early talk of sovereign demand at $1.3680kept rate buoyed in early trade, though this level eventually gave way to allow rate to slip to $1.3670 on a mix of risk aversion flows prompted by the developments in Libya as well as the election losses in Hamburg by Chancellor Merkel’s party. Rate recovered to $1.3690 only to drop back to mark session lows at $1.3666 ahead of the European open, with rate recovering again to $1.3690/95 in early trade, currently trading around $1.3688.
Range: 83.01 – 83.21
Support: 83.00
Resistance: 83.70
Asia opened Y83.08/Y113.84 ranging Y83.02-21 and Y113.61-97, in a subdued start to the week, but risk clearly off the table as events in N.Africa and the Middle East escalate. Large option Y83.00 and Y83.50 expiries for tomorrow appear to be containing the dollar with reports from some circles of semi official bids towards the Y83.00 level, but stops beneath, ahead of further support at Y82.80. Euro-yen largely tracked the euro-dollar heading higher from the open before Eurozone concerns in the weekend press and some profit taking after hitting a 3 week high, began to weigh on the single currency. Resistance remains at Y114.00 with support towards Y113.60.

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