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SPOT NY CLOSE * SUPPORT * RESIST * RSI14 * MA10 * MA30
GOLD 336.10/6.90 * 330.00 * 350.00 * 46 * 347.77 * 353.51
SILVER 4.53/4.55 * 4.50 * 4.60 * 41 * 4.62 * 4.62
PLAT 685.00/90.00 * 660.00 * 710.00 * 58 * 692.80 * 682.97
-------------- VIEWS FROM THE MARKET - March 17 ---------------
LONDON, March 17 (Reuters) - Gold was seen technically well
supported and on course to re-test $360 an ounce after gaining
$8 an ounce on Monday on prospects of war in Iraq, traders said.
Silver and platinum were both seen tracking safe-haven gold
higher as investors looked for an insurance policy.
GOLD - Gold gained more than $8 at the start of European
trading, lifting itself above last week's three-month of
$331.30.
At 0735 GMT, spot gold was quoted at $344.50/345.25 an
ounce, up from $336.10/336.90 an ounce at the New York close on
Friday.
The gains came on the back of war fears.
Bullion was seen technically supported around $330 with
resistance at $350 and then $360.
"The 200-day moving average at $329/328 should offer
support. The fact that the RSI is close to oversold may also
limit the downside near term," said Prudential-Bache
International Ltd in a report.
Poised for war, the United States, Britain and Spain on
Monday were close to abandoning efforts to gain international
approval for military action unless the U.N. Security Council
immediately backed a resolution on the use of force.
But the council consultations, called for 10 a.m. EST (1500
GMT) may be the last on a resolution that appeared doomed and
faced opposition from a majority of council members.
France wants a minimum of 30 days for Iraq to meet remaining
disarmament tasks set by chief U.N weapons inspector Hans Blix,
which the Bush administration has rejected.
French Foreign Minister Dominique de Villepin on Monday said
his country could nott accept a U.N. resolution that includes an
ultimatum or an automatic resort to force to ensure Iraq rids
itself of its weapons of mass destruction.
U.S. President George W. Bush said after an emergency summit
on Sunday with the leaders of Britain, Spain and Portugal on the
wind-swept Azores Islands in the eastern Atlantic, "We concluded
that tomorrow is a moment of truth for the world."
Higher oil pricesand a weaker dollar
also supported bullion.
"Gold is benefiting from economic, financial and political
uncertainty generally and we do not see even a short, successful
war as the panacea," said Kamal Naqvi, metals analyst at
Macquarie Research in London.
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LHG
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