The price of Gold was traded sideways during yesterday’s trading hours until the FOMC Meeting Report was released and the price dropped to $1,309/ounce. The report from the FOMC Meeting in January showed that Fed wants to continue withdrawing the monetary stimulus by $10 billion/month even the U.S. data will slightly decrease. The physical demand for gold has remained weak which made the price to drop more. However, Chinese weak data might cause some appetite for buying. The movement is sideways with support at 1,307 and resistance at 1,324.
Crude Oil WTI reached the 4-month maximum and touched $103.80/barrel. However, the price then lost momentum and slid down. The price reacted on disappointing Chinese Manufacturing PMI data which showed the lowest figure in 7 months. The price is now slightly overbought so we might see some price correction down. The trend is slightly bearish with support at 102.50 and resistance at 104.00.
February 20, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold was traded sideways during yesterday’s trading hours until the FOMC Meeting Report was released and the price dropped to $1,309/ounce. The report from the FOMC Meeting in January showed that Fed wants to continue withdrawing the monetary stimulus by $10 billion/month even the U.S. data will slightly decrease. The physical demand for gold has remained weak which made the price to drop more. However, Chinese weak data might cause some appetite for buying. The movement is sideways with support at 1,307 and resistance at 1,324.
Crude Oil WTI reached the 4-month maximum and touched $103.80/barrel. However, the price then lost momentum and slid down. The price reacted on disappointing Chinese Manufacturing PMI data which showed the lowest figure in 7 months. The price is now slightly overbought so we might see some price correction down. The trend is slightly bearish with support at 102.50 and resistance at 104.00.
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