As expected, Gold declined and reached a low of $1,205/ounce during the Asian session. Although the metal benefits from financial instability in Greece and from plummeting oil prices, the U.S market is strengthening and the Dollar is climbing. Consequently, we expect the downwards trend to continue.
Traders should watch the stock market today but the main movement should be caused by tomorrow’s Non-farm payrolls report. The movement is sideways. Support is found at 1,200 and resistance at 1,222
January 8, 2015 – Commodities News
Gold
As expected, Gold declined and reached a low of $1,205/ounce during the Asian session. Although the metal benefits from financial instability in Greece and from plummeting oil prices, the U.S market is strengthening and the Dollar is climbing. Consequently, we expect the downwards trend to continue.
Traders should watch the stock market today but the main movement should be caused by tomorrow’s Non-farm payrolls report. The movement is sideways. Support is found at 1,200 and resistance at 1,222
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