Price of Gold sharply increased to $1,266/ounce after the U.S. ISM Manufacturing PMI came out very low and show just 51.3 instead of expected 56.2. We saw the price jumping by $15/ounce immediately after the release. The price has been ranging since that between $1,255/ounce and $1,264/ounce supported by soft stock data. However we should be careful with longer-term buy position as the U.S. outlook remains positive and stronger U.S. Dollar might push the price back down. Movement is now sideways.
Price of Crude Oil decreased for second day to $96.25/barrel where rebounded and slightly increased back to current $96.70/barrel. The price might go lower as the stockpiles are expected to pick up.
February 4, 2014 – Commodities News
Hot Asset For Today: Gold
Price of Gold sharply increased to $1,266/ounce after the U.S. ISM Manufacturing PMI came out very low and show just 51.3 instead of expected 56.2. We saw the price jumping by $15/ounce immediately after the release. The price has been ranging since that between $1,255/ounce and $1,264/ounce supported by soft stock data. However we should be careful with longer-term buy position as the U.S. outlook remains positive and stronger U.S. Dollar might push the price back down. Movement is now sideways.
Price of Crude Oil decreased for second day to $96.25/barrel where rebounded and slightly increased back to current $96.70/barrel. The price might go lower as the stockpiles are expected to pick up.
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