gold

Gold had another attempt to take out the 200 day moving average in volatile U.S. trading on Friday, after better than expected jobs data came out. It however failed by 2 USD and set the high at 1631.40, before giving up gains made. The CFTC released the futures positioning as per last Tuesday, which showed that net futures and options longs on Comex dropped by 179'000 ounces. to 16.8 Mio. ounces, the lowest level since April 2009. Silver net longs, on the other hand, increased by 9.9 Mio. ounces to 102.6 Mio. Index rebalancing will take place this week which should put a cap on rallies. Mrs Merkel will meet Mr Sarkozy today and Greece will be the first today in a week where several European Sovereigns will attract the attention with their debt auctions. Palladium fell through support trend line, which might have kicked off some technical selling, falling more than 30 USD to 610.