Yesterday, Gold dropped $25/ounce and neared $1,170/ounce. The steep fall was caused by the oil market as the low price cut demand for the metal as an inflation hedge. When demand for Gold decreases, investors seek new assets to invest in. In the long term we can expect the price to continue downwards as the stock market has been showing promising results.
Today, pay attention to the U.S. Final GDP data. The movement is slightly bearish. Support is found at 1,170 and resistance at 1,200.
December 23, 2014 – Commodities News
Gold
Yesterday, Gold dropped $25/ounce and neared $1,170/ounce. The steep fall was caused by the oil market as the low price cut demand for the metal as an inflation hedge. When demand for Gold decreases, investors seek new assets to invest in. In the long term we can expect the price to continue downwards as the stock market has been showing promising results.
Today, pay attention to the U.S. Final GDP data. The movement is slightly bearish. Support is found at 1,170 and resistance at 1,200.
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