The price of Gold slid down from almost $1,330/ounce to $1,313/ounce yesterday as traders closed their long positions after the price reached a 3 ½ month maximum. The price then started to move sideways and currently is trading around $1,318/ounce. Gold as a safe-haven asset would benefit if the Fed decide to pause tapering the monetary stimulus due to weaker economic data. However, if the report which will be released today at 7.00PM (GMT), will support the same pace of tapering ($10 billion/month) the price might drop back below 1,300.
Crude Oil WTI climbed to a 4-month high and traded above $103/barrel for a while. The price extended profits as U.S. stockpiles might shrink due to bad weather conditions. The price is also influenced by Irans nuclear talks. If a deal is signed, Iran will be able to export more crude oil and increase supply. The trend is slightly bearish with support at 101.30 and resistance at 103.70
February 19, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold slid down from almost $1,330/ounce to $1,313/ounce yesterday as traders closed their long positions after the price reached a 3 ½ month maximum. The price then started to move sideways and currently is trading around $1,318/ounce. Gold as a safe-haven asset would benefit if the Fed decide to pause tapering the monetary stimulus due to weaker economic data. However, if the report which will be released today at 7.00PM (GMT), will support the same pace of tapering ($10 billion/month) the price might drop back below 1,300.
Crude Oil WTI climbed to a 4-month high and traded above $103/barrel for a while. The price extended profits as U.S. stockpiles might shrink due to bad weather conditions. The price is also influenced by Irans nuclear talks. If a deal is signed, Iran will be able to export more crude oil and increase supply. The trend is slightly bearish with support at 101.30 and resistance at 103.70
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