The price of Gold has continued to move up for a 6th day and has again reached a new 3 1/2-month high and climbed up to almost $1,330/ounce. The price is high due to speculation over the Fed’s decision surrounding tapering. With more and more data coming out below expectations traders now expect a slower pace of tapering or even a pause. The price might start to move sideways today or also to move a bit lower which would be a price correction after 6 days of strengthening. With no U.S. market we should not expect higher volatility. The movement is sideways with support at 1,300 and resistance at 1,330.
February 17, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold has continued to move up for a 6th day and has again reached a new 3 1/2-month high and climbed up to almost $1,330/ounce. The price is high due to speculation over the Fed’s decision surrounding tapering. With more and more data coming out below expectations traders now expect a slower pace of tapering or even a pause. The price might start to move sideways today or also to move a bit lower which would be a price correction after 6 days of strengthening. With no U.S. market we should not expect higher volatility. The movement is sideways with support at 1,300 and resistance at 1,330.
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