Gold climbed above $1,220/ounce as the Chinese central bank cut their interest rate by 25 basis points. This decision spurred physical demand for the metal which pulled the price up. However, the price could decline very soon as important data will come out from the U.S. market. Pay attention to the U.S. ISM Manufacturing PMI.
The movement is sideways. Support is found at 1,186.5 and resistance at 1,225.
March 2, 2015 – Commodities News
Gold
Gold climbed above $1,220/ounce as the Chinese central bank cut their interest rate by 25 basis points. This decision spurred physical demand for the metal which pulled the price up. However, the price could decline very soon as important data will come out from the U.S. market. Pay attention to the U.S. ISM Manufacturing PMI.
The movement is sideways. Support is found at 1,186.5 and resistance at 1,225.
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