On Tuesday, Gold slightly increased for a fifth day and reached $1,195/ounce. The cause of the movement remained the same; the weaker dollar. The market has shifted expectations for when the Fed will increase interest rates to September and it is hard to change this opinion despite some pieces of strong data.
Today at 12.30PM (GMT) U.S. Core Durable Goods Orders will be published and could support the dollar. If this is the case, we should be able to see gold move lower. Traders should also pay attention to a speech from FOMC member, Charles Evans, who will talk in London. The movement is slightly bearish. Support is found at 1,177.0 and resistance at 1,200.0.
March 25, 2015 – Commodities News
Gold
On Tuesday, Gold slightly increased for a fifth day and reached $1,195/ounce. The cause of the movement remained the same; the weaker dollar. The market has shifted expectations for when the Fed will increase interest rates to September and it is hard to change this opinion despite some pieces of strong data.
Today at 12.30PM (GMT) U.S. Core Durable Goods Orders will be published and could support the dollar. If this is the case, we should be able to see gold move lower. Traders should also pay attention to a speech from FOMC member, Charles Evans, who will talk in London. The movement is slightly bearish. Support is found at 1,177.0 and resistance at 1,200.0.
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