Today precious metals have started an unexpected price rally amid uncertainty in advance of expectations of Ben Bernanke’s Jackson Hole speech.
As of 11.30 (GMT), gold appreciated by 0,27%, silver gained 0,53%, platinum – 0,27%, palladium - 0,16%.
Today’s trading session closed with the following results:
· Gold - $1682,30/oz. (+ 1,46%).
· Silver - $31,35/oz (+3,24%).
· Platinum - $1532,20 /oz (+1,46%).
· Palladium - $626 /oz (+1,53%).
The chart below, courtesy of , reflects the current state of affairs in the market of gold.
In terms of wave analysis, the price is probably forming a diagonal pattern. The consolidation is expected to be finished in today. Therefore, we may see a further price rally in the short run.
