Price of Gold has continued its drop and since last Monday the price already erased about $83/ounce. The price moved down yesterday mainly supported by speculation that G7 will not military intervene in Crimea. That caused the safe-haven asset to weaken (except on the Gold we saw the same movement on Japanese Yen). Today we should keep an eye to U.S. economic releases at 2.00PM (GMT) when the CB Consumer Confidence will come out. It is predicted to see the index slightly higher than last time which might support US Dollar and push the Gold lower. Physical demand has remained low despite the fact that the price is on its 2 month minimum. Today gold support is at 1307.00 and resistance is at 1330.00
March 25, 2014 – Commodities News
Hot Asset For Today: Gold
Price of Gold has continued its drop and since last Monday the price already erased about $83/ounce. The price moved down yesterday mainly supported by speculation that G7 will not military intervene in Crimea. That caused the safe-haven asset to weaken (except on the Gold we saw the same movement on Japanese Yen). Today we should keep an eye to U.S. economic releases at 2.00PM (GMT) when the CB Consumer Confidence will come out. It is predicted to see the index slightly higher than last time which might support US Dollar and push the Gold lower. Physical demand has remained low despite the fact that the price is on its 2 month minimum. Today gold support is at 1307.00 and resistance is at 1330.00
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