On Wednesday, Gold tested its resistance level at $1,200/ounce before losing momentum and reversing down. However, the weaker dollar pulled the price up and as the European session started, the price broke through its resistance level and climbed to $1,203.50/ounce.
In addition to the depreciating dollar, Gold has been spurred by airstrikes against rebel forces in Yemen. Saudi Arabia together with another nine countries have participated in the operations. We should also expect that the price will continue up if Dennis Lockhart does not make hawkish remarks. The movement is slightly bullish. Support is found at 1,177.0 and resistance at 1,210.0.
March 26, 2015 – Commodities News
Gold
On Wednesday, Gold tested its resistance level at $1,200/ounce before losing momentum and reversing down. However, the weaker dollar pulled the price up and as the European session started, the price broke through its resistance level and climbed to $1,203.50/ounce.
In addition to the depreciating dollar, Gold has been spurred by airstrikes against rebel forces in Yemen. Saudi Arabia together with another nine countries have participated in the operations. We should also expect that the price will continue up if Dennis Lockhart does not make hawkish remarks. The movement is slightly bullish. Support is found at 1,177.0 and resistance at 1,210.0.
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