On Monday, the price of the yellow metal increased almost to its resistance level at $1,239/ounce, however reversed and by now the price dropped to $1,226/ounce. The price of gold hurt stronger dollar which slightly recovered after last week loses. However, the price has been supported by physical demand from China and therefore we should not expect to fall continue below its support. In addition, the tension between Greece and euro group might spur demand for safe-haven assets. The movement is slightly bearish but might reverse soon. The support is found at 1,216 and resistance at 1,239.
February 17, 2015 – Commodities News
On Monday, the price of the yellow metal increased almost to its resistance level at $1,239/ounce, however reversed and by now the price dropped to $1,226/ounce. The price of gold hurt stronger dollar which slightly recovered after last week loses. However, the price has been supported by physical demand from China and therefore we should not expect to fall continue below its support. In addition, the tension between Greece and euro group might spur demand for safe-haven assets. The movement is slightly bearish but might reverse soon. The support is found at 1,216 and resistance at 1,239.
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