As expected, Gold started to decline yesterday. The stock market is recovering from its recent turmoil and is retaking profits. Demand for the safe-haven asset decreased and pushed the price of the yellow metal down to $1,275/ounce.
Today, watch the U.S. data which will be released at 1.30PM (GMT) and 3.00PM (GMT). If the data is strong, we could see the price fall even lower. Traders should also pay attention to quarterly earnings releases as they could drive the U.S. stock market today. The movement is slightly bearish. Support is found at 1,272 and resistance at 1,307.
January 27, 2015 – Commodities News
Gold
As expected, Gold started to decline yesterday. The stock market is recovering from its recent turmoil and is retaking profits. Demand for the safe-haven asset decreased and pushed the price of the yellow metal down to $1,275/ounce.
Today, watch the U.S. data which will be released at 1.30PM (GMT) and 3.00PM (GMT). If the data is strong, we could see the price fall even lower. Traders should also pay attention to quarterly earnings releases as they could drive the U.S. stock market today. The movement is slightly bearish. Support is found at 1,272 and resistance at 1,307.
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