The price of Gold reached a new 4-month high yesterday ($1,355/ounce) as the tension in Ukraine continued increasing appetites for safe-haven assets. The price remained high until 6.00AM (GMT) but as the European session started investors took profits sending the price all the way down to $1,336/ounce. However, this could just be a short term drop and if tension continues the price might climb back up. Physical demand remains weak due to the high price. The movement is slightly bearish with support at 1,318 and resistance at 1,356.
March 4, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold reached a new 4-month high yesterday ($1,355/ounce) as the tension in Ukraine continued increasing appetites for safe-haven assets. The price remained high until 6.00AM (GMT) but as the European session started investors took profits sending the price all the way down to $1,336/ounce. However, this could just be a short term drop and if tension continues the price might climb back up. Physical demand remains weak due to the high price. The movement is slightly bearish with support at 1,318 and resistance at 1,356.
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