Gold has been falling despite the weaker Dollar. The Dollar has been hit by a number of negative U.S reports which have offset the expectation for the timing of the interest rate hike. Reuters reported that higher yields in the U.S and Germany lowered the appeal of the commodity as it does not offer any interest.
Strong jobless claims data was just released and caused the price to drop to a low of $1,178/ounce. Gold traders will not watch the U.S Nonfarm Payrolls report tomorrow. The figure is expected to pick up from last month and show 224K new payrolls in the past month. The movement is sideways. Support is found at 1,170 and resistance at 1,200.0.
May 7, 2015 – Commodities News
Gold
Gold has been falling despite the weaker Dollar. The Dollar has been hit by a number of negative U.S reports which have offset the expectation for the timing of the interest rate hike. Reuters reported that higher yields in the U.S and Germany lowered the appeal of the commodity as it does not offer any interest.
Strong jobless claims data was just released and caused the price to drop to a low of $1,178/ounce. Gold traders will not watch the U.S Nonfarm Payrolls report tomorrow. The figure is expected to pick up from last month and show 224K new payrolls in the past month. The movement is sideways. Support is found at 1,170 and resistance at 1,200.0.
Related Posts: