Despite the largest cut in Chinese interest rates since 2008, the 1.00 percent reduction in reserve requirements failed to propel gold through resistance above $1,210.00. This morning finds pressure on our market coming from U.S. equities recouping much of Friday’s big loss and another speech by New York Fed President Dudley in which he reiterated his stance that he hopes the FOMC will begin raising rates later this year.
Despite the debt situation in Greece continuing to worsen there were surprisingly few headlines over the weekend as the prospect for Greece leaving the Euro-zone continues to increase. As the technical picture in our market continues to dominate gold and silver have quickly moved from testing resistance to looking for support levels to hold as gold is back to the mid $1,190.00s and silver has fallen below $16.00. Platinum and palladium are on the ropes this morning as both have fallen below their 10-, 50- and 100-day averages.