AU; GOLD: Spot Gold closed fractionally higher on after
GOLD: Spot Gold closed fractionally higher on Tuesday after opening around $1394 and rallying to a high of $1408 before slipping to $1392 in the European afternoon. price then rallied again to $1405 before turning back to close around $1396 in late trading following the FOMC statement. Inflation concerns in China continue to concern metal traders who are wary of a rate hike which would dampen demand for the metal, but also see Eurozone woes heightening safe haven appetite. Silver edged lower on the day, from opening levels of $29.52. An early rally stalled at $29.95 before selling in the afternoon took the price to a low of $29.19, ahead of the close at $29.47. Asian markets this morning have seen both metals pare back further to lows of $1388 and $29.09. Support for Gold is now seen at $1380 and $1372 with resistance at $1397 and $1405. Silver has support at $28.80 and $28.45 with resistance at $29.60 and $29.84
