Precious metals had a quiet Monday with the US and UK holidays, but both gold and silver have consolidated gains from last week

<p>Gold Range: 1535.50 – 1539.50 Support:1,522.75 Resistance: 1,551.30 Precious metals had a quiet Monday with the US and UK holidays, but both gold and silver have […]</p>

Gold
Range: 1535.50 – 1539.50
Support:1,522.75
Resistance: 1,551.30
Precious metals had a quiet Monday with the US and UK holidays, but both gold and silver have consolidated gains from last week. Gold opened in Asia this morning at 1,538.75, having traded a tight 1,534.25 to 1,539.10 range yesterday. The metal picked up to 1,540.80 before easing back to 1,534.70. Support is seen at 1,522.75 with resistance at 1,551.30. Silver traded within a 37.80-38.41 range yesterday and has today traded in a 38.04 – 36 range in Asia this morning. Support is now seen towards 37.45, with resistance at 38.87.
USDJPY
USD/JPY
Range: 80.71 – 81.74
Support: 80.10
Resistance 82.00
USD/JPY opened at 80.93 and fell to a low of 80.71 as the dollar weakened following an article in the Wall Street Journal that Germany is considering dropping its push for rescheduling Greek bonds. Strong demand from importers into the Tokyo fix, along with a Moody’s possible downgrade of Japan’s sovereign debt, lifted the dollar back sharply to 81.39 with fund and offshore accounts all in demand. Some light profit taking pushed the dollar back to 81.13 before renewed demand returned the pair to 81.39. Resistance is now seen towards 82.00, ahead of 82.40. Euro-yen opened at 115.59 and soared from the opening, tripping some stops through 116.00 and 116.40 to a high of 116.97.
EURUSD
EUR/USD
Range: 1.4279 – 1.4406
Support: 1.4365
Resistance 1.4420

 

Euro-dollar opened in Asia at 1.4285, following on from a quiet session in the UK and with US markets closed for the Memorial weekend. The rate touched an early low of 1.4279 before reversing sharply higher through Monday’s Asian highs of 1.4335, with momentum triggering stops through 1.4350 then 1.4365 before pushing on to an eventual high of 1.4406. The rate settled between 1.4370/1.4390 through to the European open. Offers are seen placed toward 1.4410, with stronger interest noted between 1.4420/1.4425 ahead of 1.4440/1.4455. Support at 1.4365/1.4350 with stops below.

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