Gold, Silver Continue Down Trend, Gold Support 26100

Published 10/20/2011, 09:21 AM
Updated 05/14/2017, 06:45 AM
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Gold fell for a third day in London as reports that France and Germany are nearing an accord to boost the size of Europe’s rescue fund curbed demand for the metal as a protection of wealth.

Prime Minister George Papandreou’s wish to push through a further round of austerity and appealed to Europe to cut Greece’s debt load at an Oct. 23 summit has resulted into public riots at the Athens.

Faltering silver prices induced ETFs to build the holdings ahead of festival season. iShare Silver holdings increased by 60.54 tons for the first time since last two weeks standing at 9893.73

The uncertainty surrounding the latest efforts by European officials to solve the European Union debt and financial crisis are also limiting buying interest in the precious metals.

Gold: S1 26100, S2 25800, R1 26500 R2 26700

Silver: S1 51400, S2 50600 R1 52500 R2 53300

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