Gold and silver update

Gold rose $12 last week from $1,333 to $1,345 having hit a high of $1,364 and a low of $1,327.
Silver rose 27 cents from $16.39 to $16.66 having hit a high of $16.87 and a low of $16.34.
The Gold to Silver Ratio fell from 81.33:1 to 80.73:1

Gold prices are expected to trade higher initially this week in response to the US-led missile strikes on Syria. However, providing tensions do not flare or Russia intervenes further then we can foresee a reversal, but frankly, for the moment this is the factor which will have the greatest pressure on prices in either direction this week. Silver, all but shadowed gold last week mainly as expected. It performed slightly better in that the GSR fell slightly. Traders quote considerable resistance at or around $17 and strong support close to the $16 level. This coming week we again envisage firmer prices at the start but the rest of the week will be, to a large extent, determined by Russia, Syria, and Iran.