Gold Dropped to a 3 -Week Low
February 9, 2015 2:50 pmVideo
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February 9, 2015 – Commodities News
Gold
On Friday, Gold dropped to a 3 week low of $1,230/ounce. The U.S. Non-farm payrolls came out unexpectedly high and showed 257K newly employed people instead of the estimated 236K. In addition, Average Hourly Earnings increased by 0.5% instead of the expected 0.3%. The strong data supported speculation over an earlier interest rate increase which cut demand for safe-haven assets.
During early trade, a slight price correction was seen. However it is likely that bearish sentiment will remain today. The trend is sideways. Support is found at 1,225 and resistance at 1,255.
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