Afshin Nabavi, head of trading at MKS Finance, said the rally is gaining extra strength from short covering.
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Furthermore, the threat of strikes against mining companies themselves are supportive, said a research note from MKS Finance.
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Afshin Nabavi, head of trading with MKS Finance, linked much of the strength in gold and silver to technical-chart factors.
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Afshin Nabavi, senior vice president at MKS Finance, also thinks it will push prices higher, at least in the near-term.
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Afshin Nabavi, head of trading with MKS (Switzerland) SA, said he was surprised to hear of news reports about a possible investigation.
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Afshin Nabavi, head of trading at trading house MKS Finance, said gold prices should continue to rise, although stay in a range.
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Afshin Nabavi, head of trading with MKS (Switzerland) SA, said his firm has seen some increase in physical demand at the lower prices.
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Afshin Nabavi, head of trading with MKS Finance, blamed the pullback on sizable liquidation after traders had become heavily long during the recent run-up.
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Although many Kadima MKs object to her positions and criticize her for being too radical, they realize they have no choice but to go along.
In line with their voters' wishes, Netanyahu's Likud colleagues MKs Ze'ev Elkin and Yariv Levin recently introduced a bill to curb the radicalization of the Court.
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Afshin Nabavi, head of trading with MKS Finance, also said there were news reports of violence in the Amplats strike about the time the platinum group metals rallied.
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Meanwhile, buying interest for palladium appears to be picking up out of the Far East ahead of Chinese New Year celebrations next month, said Afshin Nabavi, head of trading at MKS Finance.
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Price-wise, Alex Thorndike, senior trader for precious metals and foreign exchange with MKS Capital, said PGMs, particularly palladium, are still gaining ground from the projected supply deficit announced by Johnson Matthey last month.
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There appears to be some support for gold at the lower levels, said Afshin Nabavi, head of trading at trading house MKS Finance, who also expects gold to trade in the current range and test the upper boundaries.
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