The price of Gold stopped its bullish sentiment yesterday and due to a lack of data (due to U.S. President Day) started to move sideways. The price tested its resistance at $1,330/ounce but lost momentum and dropped to $1,318/once. The recent drop is most likely caused by profit taking from investors who successfully traded the 6-day increase. Today we should pay attention to U.S. stock performance and to 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 trading above $100/barrel for the past week even though we saw some dips below. The price is pulled up despite the bad weather in the U.S. which forced the economy to slow down resulting in bad data. Of course, the demand for heating oil has been rising 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 yesterday and due to a lack of data (due to U.S. President Day) started to move sideways. The price tested its resistance at $1,330/ounce but lost momentum and dropped to $1,318/once. The recent drop is most likely caused by profit taking from investors who successfully traded the 6-day increase. Today we should pay attention to U.S. stock performance and to 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 trading above $100/barrel for the past week even though we saw some dips below. The price is pulled up despite the bad weather in the U.S. which forced the economy to slow down resulting in bad data. Of course, the demand for heating oil has been rising 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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