Yesterday, Gold increased from $1,275/ounce to $1,297/ounce. However, the metal then lost momentum and dropped back to $1,290/ounce. The climb was caused by the weaker dollar which slightly depreciated ahead of today’s FOMC statement which could provide dovish news with respect to the recent drop in Oil prices
Today, traders should keep an eye on the movement on the stock market as it could push the price back to $1,280/ounce. The movement is slightly bearish. Support is found at 1,272 and resistance at 1,300.
January 28, 2015 – Commodities News
Gold
Yesterday, Gold increased from $1,275/ounce to $1,297/ounce. However, the metal then lost momentum and dropped back to $1,290/ounce. The climb was caused by the weaker dollar which slightly depreciated ahead of today’s FOMC statement which could provide dovish news with respect to the recent drop in Oil prices
Today, traders should keep an eye on the movement on the stock market as it could push the price back to $1,280/ounce. The movement is slightly bearish. Support is found at 1,272 and resistance at 1,300.
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