Yesterday, Gold sharply increased and climbed above $1,200/ounce. The climb was caused by the depreciating Dollar which fell as traders locked in profit at the end of the year. The momentum was short lived, however, and the price dropped back down to its current level of $1,198/ounce.
The market is expected to be quiet today ahead of holidays. If U.S data is positive we could see it drop back down to its support. The movement is sideways. Support is found at 1,170 and resistance at 1,210.
December 31, 2014 – Commodities News
Gold
Yesterday, Gold sharply increased and climbed above $1,200/ounce. The climb was caused by the depreciating Dollar which fell as traders locked in profit at the end of the year. The momentum was short lived, however, and the price dropped back down to its current level of $1,198/ounce.
The market is expected to be quiet today ahead of holidays. If U.S data is positive we could see it drop back down to its support. The movement is sideways. Support is found at 1,170 and resistance at 1,210.
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