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Gold and silver spiked higher in Europe yesterday, breaking above resistance levels on news that a large bank in Portugal had missed payments on short term debt raising fears of another credit crisis in Europe. Along with this, tension continues to escalate in the middle-east as fighting between the Israelis and Palestinians has intensified.
Volume was very good yesterday, as physical demand surged globally and several large buy orders were reported being executed on the Futures exchange. Nearby support in gold at $1,330.00 and in silver at $21.30 could be critical today as a dip below those levels could see many longs looking for the exit sign as they lock in profits ahead of the weekend. A steady to “up” day today is likely to continue the rally next week as the stage would be set for gold and silver taking a run at $1,375.00 and $22.00. For those following the fate of the London Silver Fix, Bloomberg and the Financial Times are reporting a joint proposal by the CME and Thomson Reuters has been chosen as the replacement for the Fix.
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