(OroyFinanzas.com) – Gold opened slightly higher in Asia after more than a ten dollar rally on Friday. There was however persistent selling on Tocom as general public was liquidating logs.

The continuous bids on cash on the other hand prevented spot from retreating below $625. In Europe the yellow metal remained restricted to a narrow range and fixed at $628.25 on the first London fixing, 14.15 dollars above the previous AM. The market was very quiet and dull in the absence of any important economic data releases and Comex being closed due to the Martin Luther King Holiday. The precious metal ended this stagnant day by fixing at $627 on the PM fix. We believe that gold needs to breach the $630 resistance in order to be able to head higher.

Silver traded within a narrow range in the Far East with the same dull scenario continuing during our time zone. The metal tried to challenge the $12.90 resistance, but there was very little interest in the market to allow it to achieve the goal. The prices hovered above $12.80 for the entire day. We believe that silver has an upside potential with the major resistance represented by the $13 level.

MKS Gold & Silver, Daily Report
By Lidia Nazarova

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