The price of Gold stopped its bullish sentiment and yesterday with lack of data (due to U.S. President Day) started to move sideways. The price tested the resistance at $1,330/ounce but lost momentum and dropped to $1,318/once. The recent drop is probably caused by profit taking investors who successfully traded the 6-days movement up. Today we should pay attention to U.S. stock performance and the U.S. Empire State Manufacturing Index which will come out at 1.30PM (GMT). The movement is slightly bearish with support at 1,300 and resistance at 1,330.
Crude Oil WTI has been traded above $100/barrel for past week even though we saw some dips below. The price is pulled up despite the bad weather in U.S. which forced the economy to slow down. Of course the demand for heating oil has been raising and pulling the price up. The trend is now slightly bearish with support at 100.00 and resistance at 101.40.
February 18, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold stopped its bullish sentiment and yesterday with lack of data (due to U.S. President Day) started to move sideways. The price tested the resistance at $1,330/ounce but lost momentum and dropped to $1,318/once. The recent drop is probably caused by profit taking investors who successfully traded the 6-days movement up. Today we should pay attention to U.S. stock performance and the U.S. Empire State Manufacturing Index which will come out at 1.30PM (GMT). The movement is slightly bearish with support at 1,300 and resistance at 1,330.
Crude Oil WTI has been traded above $100/barrel for past week even though we saw some dips below. The price is pulled up despite the bad weather in U.S. which forced the economy to slow down. Of course the demand for heating oil has been raising and pulling the price up. The trend is now slightly bearish with support at 100.00 and resistance at 101.40.
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