Precious Metals Update

The precious metal has been pushed and pulled by dollar swings on the day. While there is still scope for a retest of Monday's high around $635.50, additional profit-taking may also be seen.

Gold has recently been underpinned by solid fund demand and may do so Tuesday also. Modest profit-taking has caused some price slippage this morning, but with fund players still keen to buy dips and oil prices stable above $58/barrel, the outlook remains positive with chart support pegged at $620/618 and the 100-day MA at $613.20.