The U$D price of Gold broke out of the short term triangle pattern and the initial price target is 671$. The price of gold made higher low then higher high - positive sign. Retesting of the triangle is probable, support resistance at appropriate Fibonacci numbers, trend lines, check the 10 day EMA (240 hour EMA).
The price of silver is showing more weakness on the downside which is very rational since silver is a much smaller market and volatile compared to gold. However, single digit silver price is probably long term history and that’s enormous achievement in itself – price perspective.
Interesting gold market news coming from India:
Banks hoard gold on hopes of higher retail sales
TIMES NEWS NETWORK[ THURSDAY, APRIL 27, 2006 02:41:38 AM]
MUMBAI: Banks are building up large positions in gold in anticipation of record sales of gold coins to retail buyers during the Hindu festival of Akshay Tritiya.
Among public sector banks, Corporation Bank has imported 10,000 specially-minted centenary coins of 8 gms, a large number of which it expects to sell next Sunday.
Indian Overseas Bank launched its retail gold scheme lask week to catch the Akshay Tritiya rush. ICICI Bank, which is one of the biggest retailers of gold in India, has decided to keep its branches open on Sunday, when they are normally closed. HDFC Bank is selling 5gm ‘Mudra’ bars at 298 branches across the country, offering discounts to customers.
Sale of gold by banks was recommended as a stepping stone to capital account convertibility by the Reserve Bank of India committee. Banks were allowed to freely import gold and sell them to the general public. source
See this link regarding the gold market of Iran:
Click on the charts below to enlarge :
Copper HG charts