The price of Gold has continued its movement up for the 6th day in a row and again touched new 3 1/2-months maximum and climbed up almost to $1,330/ounce. The price is so high due to speculation over Fed decision over tapering. With more and more data coming out below expectation traders expect slower pace of tapering or even a pause. The price might start to move sideways today or also to move a bit down as 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 its movement up for the 6th day in a row and again touched new 3 1/2-months maximum and climbed up almost to $1,330/ounce. The price is so high due to speculation over Fed decision over tapering. With more and more data coming out below expectation traders expect slower pace of tapering or even a pause. The price might start to move sideways today or also to move a bit down as 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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