Gold increased from Friday’s low of $1,167/ounce and moved towards $1,200/ounce. The price was boosted by physical demand as it picked up in China. Traders should be careful, however, as the metal could drop back down as the U.S Dollar strengthened last week.
We do not expect the price to climb above its resistance level at $1,200/ounce. It is likely that it will continue to trade between its support and resistance. The movement is slightly sideways. Support is found at 1,167 and resistance at 1,200.
January 5, 2015 – Commodities News
Gold
Gold increased from Friday’s low of $1,167/ounce and moved towards $1,200/ounce. The price was boosted by physical demand as it picked up in China. Traders should be careful, however, as the metal could drop back down as the U.S Dollar strengthened last week.
We do not expect the price to climb above its resistance level at $1,200/ounce. It is likely that it will continue to trade between its support and resistance. The movement is slightly sideways. Support is found at 1,167 and resistance at 1,200.
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