gold

After being initially under pressure, gold tested the $ 1700 support yesterday but found good buying interest there. As equities and the EUR recovered during the day, shortcovering set in and market closed above the opening levels. Palladium was the "star" yesterday, advancing almost $ 40. A London based trading house has been accumulating a large position over the last few days. The range in gold for rest of the week (until the EU summit) should be set. Excellent physical buying in gold bars and coins is supporting the market on dips. Seems like market will remain thin and the holiday mood is setting in.