The price of Gold experienced a huge drop yesterday and the price fell from $1,339.5/ounce to $1,302/ounce where it then reversed. The price dropped in two waves. In the first wave, which started when the Asian market opened, the price reversed on $1,318/ounce and most traders expected a price correction which would pull the price up. However, as the stock closed in positive numbers the price slid further down. Analysts predicted physical demand to increase but as we can now see, the demand is still low which points to speculation of a further fall. Today we should watch the testimony from Janet Yellen and quarterly releases of JPMorgan Chase, Yahoo and Intel. The trend is slightly bullish. The support is lying at 1,300 and resistance at 1,320.
July 15, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold experienced a huge drop yesterday and the price fell from $1,339.5/ounce to $1,302/ounce where it then reversed. The price dropped in two waves. In the first wave, which started when the Asian market opened, the price reversed on $1,318/ounce and most traders expected a price correction which would pull the price up. However, as the stock closed in positive numbers the price slid further down. Analysts predicted physical demand to increase but as we can now see, the demand is still low which points to speculation of a further fall. Today we should watch the testimony from Janet Yellen and quarterly releases of JPMorgan Chase, Yahoo and Intel. The trend is slightly bullish. The support is lying at 1,300 and resistance at 1,320.
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