The price of Gold moved up and touched its new 3-months highs. The price turned on $1,293.5/ounce and slightly decreased to $1,285/ounce. The price was reacting on the Fed testimony. First it dropped as the investors saw the actual report and did not find any dovish hits. However, once new Fed Chairman Janet Yellen started to testify before U.S. lawmakers the price sharply increased on her statement that “labor recovery is far from complete”. Today we might see some price correction and slight down-trend as physical market weakened due to high price. The sentiment is slightly bearish with support at 1,271 and resistance at 1,294.
February 12, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold moved up and touched its new 3-months highs. The price turned on $1,293.5/ounce and slightly decreased to $1,285/ounce. The price was reacting on the Fed testimony. First it dropped as the investors saw the actual report and did not find any dovish hits. However, once new Fed Chairman Janet Yellen started to testify before U.S. lawmakers the price sharply increased on her statement that “labor recovery is far from complete”. Today we might see some price correction and slight down-trend as physical market weakened due to high price. The sentiment is slightly bearish with support at 1,271 and resistance at 1,294.
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