On Friday, Gold dropped to a 3 week low of $1,230/ounce. The U.S. Non-farm payrolls came out unexpectedly high and showed 257K newly employed people instead of the estimated 236K. In addition, Average Hourly Earnings increased by 0.5% instead of the expected 0.3%. The strong data supported speculation over an earlier interest rate increase which cut demand for safe-haven assets.
During early trade, a slight price correction was seen. However it is likely that bearish sentiment will remain today. The trend is sideways. Support is found at 1,225 and resistance at 1,255.
February 9, 2015 – Commodities News
Gold
On Friday, Gold dropped to a 3 week low of $1,230/ounce. The U.S. Non-farm payrolls came out unexpectedly high and showed 257K newly employed people instead of the estimated 236K. In addition, Average Hourly Earnings increased by 0.5% instead of the expected 0.3%. The strong data supported speculation over an earlier interest rate increase which cut demand for safe-haven assets.
During early trade, a slight price correction was seen. However it is likely that bearish sentiment will remain today. The trend is sideways. Support is found at 1,225 and resistance at 1,255.
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