After trading in a narrow channel between $1,207/ounce and $1,214/ounce, Gold declined yesterday and dropped to $1,200/ounce. Losses were seen as William Dudley, an FOMC voting member, was relatively hawkish and discussed that the June rate hike is still on the cards. Most traders also expected the FOMC Meeting Minutes report to be dovish but the minutes also showed that members still considered June despite the fact that voters were divided. The price of the yellow metal reached a low of $1,192/ounce.
Today, traders should pay attention to U.S. Jobless Claims data. We could see a price correction after such a strong drop. The movement is slightly bearish. Support is found at 1,192 and resistance at 1,224.0.
April 9, 2015 – Commodities News
Gold
After trading in a narrow channel between $1,207/ounce and $1,214/ounce, Gold declined yesterday and dropped to $1,200/ounce. Losses were seen as William Dudley, an FOMC voting member, was relatively hawkish and discussed that the June rate hike is still on the cards. Most traders also expected the FOMC Meeting Minutes report to be dovish but the minutes also showed that members still considered June despite the fact that voters were divided. The price of the yellow metal reached a low of $1,192/ounce.
Today, traders should pay attention to U.S. Jobless Claims data. We could see a price correction after such a strong drop. The movement is slightly bearish. Support is found at 1,192 and resistance at 1,224.0.
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