The price of gold peaked up on Friday and went all the way to $1,307/ounce. The reason why the price added about $20/ounce was slightly lower Non-farm payrolls data than expected. If we take aside the expectation and just look on the data we see a big progress in the job market which seemed to struggle during the tough winter. With this outlook we see more likely that the price will return below the $1,300/ounce level soon. We should keep an eye on speech of FOMC member James Bullard who is considered to be slightly hawkish. The trend is now slightly bearish with support at 1,294 and resistance at 1,310.
April 7, 2014 – Commodities News
Hot Asset For Today: Gold
The price of gold peaked up on Friday and went all the way to $1,307/ounce. The reason why the price added about $20/ounce was slightly lower Non-farm payrolls data than expected. If we take aside the expectation and just look on the data we see a big progress in the job market which seemed to struggle during the tough winter. With this outlook we see more likely that the price will return below the $1,300/ounce level soon. We should keep an eye on speech of FOMC member James Bullard who is considered to be slightly hawkish. The trend is now slightly bearish with support at 1,294 and resistance at 1,310.
Related Posts: