Following two straight weekly losses, this week began with bearish movement moving around $1,293.4/ounce with support level at $1,285 and resistance at $1,300 . At the moment, the main drivers of the asset are physical demand in Asia and the growing optimism regarding the U.S. economy. This could also be supported by a number of comments made over the weekend by analysts claiming that the impact of the crisis in the Ukraine was unproportional. Today at 13:55 (GMT) Yellen, chairman of the Fed will give a speech in Chicago. While this is not likely to be a main driver of price investors should keep an eye open on potential movements. Tomorrow the manufacturing report of China, the largest consumer of Gold, would be released, according the analysts the report would mark the weakest growth since June. This may induce a further decline in price.
Before the weekend Crude Oil WTI was traded at a three week high just above $102 a barrel and started reversing. On the diplomatic front we sew secretary of state, John Kerry and his Russian counterpart expressing polar views regarding the Crimea peninsula. Yet, the meeting of the sides in Paris marks a positive direction. Another contributor to the bearish movement is the expectations for a low manufacturing report from China tomorrow. According to analysts the report is expected to be the least since June.
March 31, 2014 – Commodities News
Hot Asset For Today: Gold
Following two straight weekly losses, this week began with bearish movement moving around $1,293.4/ounce with support level at $1,285 and resistance at $1,300 . At the moment, the main drivers of the asset are physical demand in Asia and the growing optimism regarding the U.S. economy. This could also be supported by a number of comments made over the weekend by analysts claiming that the impact of the crisis in the Ukraine was unproportional. Today at 13:55 (GMT) Yellen, chairman of the Fed will give a speech in Chicago. While this is not likely to be a main driver of price investors should keep an eye open on potential movements. Tomorrow the manufacturing report of China, the largest consumer of Gold, would be released, according the analysts the report would mark the weakest growth since June. This may induce a further decline in price.
Before the weekend Crude Oil WTI was traded at a three week high just above $102 a barrel and started reversing. On the diplomatic front we sew secretary of state, John Kerry and his Russian counterpart expressing polar views regarding the Crimea peninsula. Yet, the meeting of the sides in Paris marks a positive direction. Another contributor to the bearish movement is the expectations for a low manufacturing report from China tomorrow. According to analysts the report is expected to be the least since June.
By Andrew Cole
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