The price of Gold has continued its movement up for the 4th day in a row and again touched new 3-months maximum. The price climbed to $1,296/ounce where reversed. However, we should be careful with buying positions. Gold which is consider to be a safe haven asset, is usually benefits from softer stock and bond data. As we can see equities and bonds are moving higher so we might see just technical buying which might finish soon. With a higher price the physical demand weakened and that’s a second reason why to expect some movement down any soon. Investors are now looking on $1,300/ounce level. The sentiment is slightly bearish with support at 1,278 and resistance at 1,300.
February 13, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold has continued its movement up for the 4th day in a row and again touched new 3-months maximum. The price climbed to $1,296/ounce where reversed. However, we should be careful with buying positions. Gold which is consider to be a safe haven asset, is usually benefits from softer stock and bond data. As we can see equities and bonds are moving higher so we might see just technical buying which might finish soon. With a higher price the physical demand weakened and that’s a second reason why to expect some movement down any soon. Investors are now looking on $1,300/ounce level. The sentiment is slightly bearish with support at 1,278 and resistance at 1,300.
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