On Thursday, the price of Goldpeaked to fresh 5-month high at $1,307/ounce but again as in previous days reversed fell down. Despite the fact that the European economy struggles which would pull the demand for safe-haven assets up, the stock market has been performing well (e.g. S&P500 up by 1.53%) which cut the demand for the yellow metal. The price is currently traded below $1,300/ounce. However, we should not be surprised if the price jumps up again due to the fact that on Sunday will be the Greek election which may cause Euro zone split. The movement is sideways. The support is found at 1,280 and resistance at 1,307.
January 23, 2015 – Commodities News
On Thursday, the price of Gold peaked to fresh 5-month high at $1,307/ounce but again as in previous days reversed fell down. Despite the fact that the European economy struggles which would pull the demand for safe-haven assets up, the stock market has been performing well (e.g. S&P500 up by 1.53%) which cut the demand for the yellow metal. The price is currently traded below $1,300/ounce. However, we should not be surprised if the price jumps up again due to the fact that on Sunday will be the Greek election which may cause Euro zone split. The movement is sideways. The support is found at 1,280 and resistance at 1,307.
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