After trading with bullish sentiment for a few days, Gold reversed and shortly dropped below $1,195/ounce. Speculation appears to be starting ahead of the U.S. Non-farm payrolls data and physical demand started to decline. The price would have remained below $1,200/ounce if the Australian RBA changed their interest rate as expected but they decided to maintain it at 2.25%. The weaker dollar pushed the price of gold to its current level of$1,208/ounce.
Today, traders should focus on the Dollar as well as a speech from Janet Yellen. The movement is sideways. Support is found at 1,188.0 and resistance at 1,223.3.
March 3, 2015 – Commodities News
Gold
After trading with bullish sentiment for a few days, Gold reversed and shortly dropped below $1,195/ounce. Speculation appears to be starting ahead of the U.S. Non-farm payrolls data and physical demand started to decline. The price would have remained below $1,200/ounce if the Australian RBA changed their interest rate as expected but they decided to maintain it at 2.25%. The weaker dollar pushed the price of gold to its current level of$1,208/ounce.
Today, traders should focus on the Dollar as well as a speech from Janet Yellen. The movement is sideways. Support is found at 1,188.0 and resistance at 1,223.3.
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