LONDON (Commodity Online): With Hungary now getting a credit downgrade by Moody’s to junk and Portugal receiving the same rating from Fitch, the euro is getting trashed and the dollar is rising, said George Gero, vice-president, global futures, and precious metals strategist, RBC Capital Markets.

That’s putting pressure on commodities across the board and awakening Gold sellers in the U.S. futures market, he says. He also notes that the markets have a “limited audience” because it is the day after the U.S. holiday.

Gero puts support for gold at $1,650 support resistance at $1,725. He noted in other metals markets that “copper, Platinum and Palladium (are) seeing trade and mine hedgers.” Gero also reminds that Comex futures have a short trading day closing at 1 pm EST.

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