Metals Remain Bid Ahead Of Week's Events

(Kitco News) - Gold remains bid after Friday's short-covering rally on a weaker jobs number. Theterror attack over the weekend in London has created more uncertainty on theoutcome of the British election on Thursday,and the ECB meeting on Thursday will be closely watched for signals from MarioDraghi on monetary policy. The overall market has a sense of nervousness thatcontinues to encourage fund managers to deploy capital into the precious metalsmarkets. Retail continues to lighten up into strength, which historicallyindicates the markets have further to run. Gold has support at the $1, 278area, with the next resistance level at $1,292.

By Peter Hug

Contributing tokitco.com

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