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PRECIOUS-Factors to watch on June 7

Published 06/07/2011, 02:34 AM
Updated 06/07/2011, 02:36 AM
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LONDON, June 7 (Reuters) - Gold firmed on Tuesday, after rising to its strongest in more than a month in the previous session as fears about slowing growth in the world's top economy attracted investors seeking alternative investment. For latest market report, click on [GOL/].

PRICES * Spot gold was bid at $1,544.86 an ounce at 0622 GMT compared with $1,543.05 late in New York on Monday.

* Silver was at $36.76 from $36.73.

* Platinum was at $1,810.24 from $1,805.30.

* Palladium was at $786 from $784.

DATA/EVENTS

* Euro zone retail sales for April at 0900 GMT.

* Germany industrial orders for April at 1000 GMT.

* Federal Reserve Chairman Bernanke speaks in Atlanta at 1945 GMT.

MARKET NEWS

* The euro ticked up in Asia on Tuesday, steadying from a slide after the Eurogroup chairman said the common currency was overvalued, while Asian stocks fell for a fourth day on worries about slowing global growth. [MKTS/GLOB]

* The euro held firm below a one-month high on Tuesday, though further climbs after a two-week rally may require clear signals from the European Central Bank later in the week that it plans to raise interest rates next month. [USD/]

* Brent crude fell below $114 a barrel on Tuesday on expectations OPEC may raise its production target this week and lingering concerns that a weak economic outlook will dent demand. [O/R]

* The S&P 500 extended its slide to a fourth day on Monday, hitting its lowest level since March 18, as a spate of recent weak U.S. data lent support to a bearish outlook for the economy. [.N]

* European stock index futures pointed to a lower open on Tuesday, with shares poised to lose ground for a fifth straight session as mounting fears about the outlook for the global economy continue to rattle investors. [.EU]

FUNDAMENTALS

* Holdings of the largest silver-backed exchange-traded-fund (ETF), New York's iShares Silver Trust and the largest gold-backed ETF New York's SPDR Gold Trust remained unchanged from Friday. [ID:nSGE756001]

* Canadian miner Minera Andes posted a quarterly profit helped primarily by increased production from its flagship San Jose mine and higher gold and silver prices. [ID:nL3E7H62WT]

* Spot gold still faces a resistance at $1,553, a barrier to a target at $1,576 per ounce. [ID:nL3E7H704B]

TECHNICALS

* Gold support was at $1,537 an ounce and resistance at $1,553. The 14-day RSI was at 59.3.

* Silver support was at $36.15 an ounce and resistance at $36.9. The 14-day RSI was at 46.

* Platinum support was at $1,796 a tonne and resistance at $1,836. The 14-day RSI was at 52.

(Reporting by Melanie Burton; editing by Jason Neely)

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