By Leon Westgate
The precious metals continue to be linked to the dollar, though gold and the PGMs both recovered late-on Friday, helped by the recovery in US equities.

With little economic data of note today, it seems likely that gold will continue to track the currency and equity markets. In that regard, technical signals will be vitally important in helping determine short-term price direction. Support and resistance for gold are seen at $1,060 and $1,074 respectively.

Platinum is tracking the dollar heading into the afternoon, but is trading sideways overall, hovering around its opening levels. Support is seen at $1,479 while resistance is seen at $1,495.

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Palladium has generally underperformed its sibling this morning, but overall is also looking to the dollar for guidance. Support is seen initially at $395, with further support seen at $380. Resistance emerges around the $410 mark.

Looking ahead to the week, it is quiet data wise for the first half, with the key data emerging only from Wednesday.

Courtesy: Standard Bank

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