Precious metals rose cross board with gold paring early losses to rise 0.6 percent in the previous trading session. Bullion fell earlier as the dollar hit a 14-year high against a basket of currencies after data showed U.S. manufacturing activity grew more than expected in November. But the yellow metal rebounded as early gains in stocks and other assets perceived as risky gave up gains and investors fled to save-haven bullion. Among other precious metals, platinum and palladium both jumped by more than 4 percent as investors scrambled for position as the new year got under way.
On technical front, both the MACD and the momentum index showed that gold retained steam. But that was not strong enough to push it up from current range-bound. The support and resistance can be found at $1,122 and $1,180 respectively.
Silver tracked gold, posting sharp gains of over 2 percent. Technically, the momentum and MACD index diverged, suggesting a bearish and bullish tone respectively. Together with a long upper shadow line formed yesterday, the white metal must have met heavy resistance. The support and resistance can be found at $15.6 and $16.5 respectively.
 

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