Gold and silver see-sawed as at first panicked commodity

As anticipated gold and silver rallied yesterday afternoon in the wake of renewed aversion to risk as concerns over an imminent Greek debt default weighed on market sentiment. US consumer price data also helped, with slightly higher than anticipated figures keeping fears over rising global inflation alive. Slightly weaker-than-expected US industrial activity also contributed to increased aversion to risk.

Overnight, gold and silver see-sawed as at first panicked commodity investors sold-off across the complex as crude oil prices fell. Thereafter, the gold and silver quickly regained these losses as the markets regained composure.

Gold support is at $1,516 and $1,505. Resistance is at $1,537 and $1,546. Silver support is at $34.94 and $34.29, resistance is at $36.12 and $36.64.