Gold has continued on a bearish path and is currently ranging at $1,285 while breaking the support of $1,284.6. The next support line is at $1,281.6 and the resistance level is at $1,288. Earlier today, at 14:00 (GMT) we saw a slight upwards movement following a weaker than expected result from the U.S. ISM Non-Manufacturing PMI. Gold has fallen 4.1% since March 19, when Fed Chair, Yellen, stated that the central bank may end the stimulus package this fall and increase borrowing costs six months later. Investors should expect potential volatility at 12:30 (GMT) during the U.S. Non-Farm payrolls.
Trend: ranging slightly downwards.
Oil
Oil reversed upwards from the the lowest level in a week and is currently ranging just above the $100/barrel after bouncing down from the $100.150/barrel resistance line and with support at $99.46/barrel . At the moment, Oil price is very much influenced by the Brent price. Brent rose today from a five months low of $104/ barrel on expectation for a growing oil supply from Libya. We should expect some volatility in price following tomorrow at 12:30 (GMT) during the U.S. Non-Farm Payrolls report.
April 3, 2014 – Commodities News
Gold
Gold has continued on a bearish path and is currently ranging at $1,285 while breaking the support of $1,284.6. The next support line is at $1,281.6 and the resistance level is at $1,288. Earlier today, at 14:00 (GMT) we saw a slight upwards movement following a weaker than expected result from the U.S. ISM Non-Manufacturing PMI. Gold has fallen 4.1% since March 19, when Fed Chair, Yellen, stated that the central bank may end the stimulus package this fall and increase borrowing costs six months later. Investors should expect potential volatility at 12:30 (GMT) during the U.S. Non-Farm payrolls.
Trend: ranging slightly downwards.
Oil
Oil reversed upwards from the the lowest level in a week and is currently ranging just above the $100/barrel after bouncing down from the $100.150/barrel resistance line and with support at $99.46/barrel . At the moment, Oil price is very much influenced by the Brent price. Brent rose today from a five months low of $104/ barrel on expectation for a growing oil supply from Libya. We should expect some volatility in price following tomorrow at 12:30 (GMT) during the U.S. Non-Farm Payrolls report.
Trend: Ranging
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