Any price dip has been quite well supported by fund buying, and aggressive selling has been discouraged. The positive sentiment remains very strong and people are looking for further price gains.
The market conditions are likely to remain quite nervous over the next few days and near-term weakness in the TOCOM market cannot be ruled out.
The strong price action and impressive technical trends in various currencies suggest prices should remain elevated in 2006.
The platinum group metals remain well below their recent peaks.
We will not rule out the possibility of further weakness and prices are likely to remain volatile in a broader range.
Gold is probably going to remain in a range-bound trade today and should find good support above $565 against an environment of high oil prices.
We expect the market to remain in consolidation mood for now, though thin trading conditions ahead of the long holiday weekend could well spark big price movements.
With a lack of fresh catalysts to trigger a significant move in either direction, we expect gold to remain in its consolidation mood over the near term.