The price of Gold slid down from almost $1,330/ounce to $1,313/ounce yesterday as traders closed their long position after the price reached its 3 ½ month maximum. The price then started to move sideways and currently is traded around $1,318/ounce. Gold as a safe-haven asset would benefit if Fed decide to pause tapering of 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 its 4-month high and for a while was traded above $103/barrel. The price extended profits as the U.S. stockpiles might shrink due to bad weather condition. The price is also influenced by Iranian talks about the control of Iran’s nuclear talks. If the 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 position after the price reached its 3 ½ month maximum. The price then started to move sideways and currently is traded around $1,318/ounce. Gold as a safe-haven asset would benefit if Fed decide to pause tapering of 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 its 4-month high and for a while was traded above $103/barrel. The price extended profits as the U.S. stockpiles might shrink due to bad weather condition. The price is also influenced by Iranian talks about the control of Iran’s nuclear talks. If the 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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