Gold climbed above $1,209/ounce but then corrected back below $1,200/ounce. There were two reasons for the downwards correction. Firstly, the European Central bank released a new economic outlook and upgraded the forecast, damping demand for safe-haven assets. Secondly, the dollar strengthened as the euro dropped on the back of Mario Draghi’s speech regarding the implementation of QE.
Today, Gold may fall further ahead of the U.S. labour data. The movement is sideways. Support is found at 1,188.0 and resistance at 1,223.3.
March 6, 2015 – Commodities News
Gold
Gold climbed above $1,209/ounce but then corrected back below $1,200/ounce. There were two reasons for the downwards correction. Firstly, the European Central bank released a new economic outlook and upgraded the forecast, damping demand for safe-haven assets. Secondly, the dollar strengthened as the euro dropped on the back of Mario Draghi’s speech regarding the implementation of QE.
Today, Gold may fall further ahead of the U.S. labour data. The movement is sideways. Support is found at 1,188.0 and resistance at 1,223.3.
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