Gold rallied to a 5 week high as the Dollar continued to decline. Data showed that U.S Retail Sales declined during the month of April as consumers cut down on purchases. As stated previously, the price of the yellow metal is moved by expectations over the timing of the interest rate hike. Investors now widely expected the move to be made in September and June appears to be completely off the cards.
For today, investors should watch U.S data as it may spark volatility. The movement is sideways. Support is found at 1,198 and resistance at 1,220.0.
May 14, 2015 – Commodities News
Gold
Gold rallied to a 5 week high as the Dollar continued to decline. Data showed that U.S Retail Sales declined during the month of April as consumers cut down on purchases. As stated previously, the price of the yellow metal is moved by expectations over the timing of the interest rate hike. Investors now widely expected the move to be made in September and June appears to be completely off the cards.
For today, investors should watch U.S data as it may spark volatility. The movement is sideways. Support is found at 1,198 and resistance at 1,220.0.
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