On Friday, Gold almost reached $1,200/ounce due to rumours that China will increase monetary stimulus and loosen its lending policy. Traders should watch the U.S. stock market, however, as it has been reaching record highs recently.
Liquidity may remain thin today as no important data releases are scheduled. We recommend trading more technically with short-term expiries. The movement is sideways. Support is found at 1,170 and resistance at 1,200.
December 29, 2014 – Commodities News
Gold
On Friday, Gold almost reached $1,200/ounce due to rumours that China will increase monetary stimulus and loosen its lending policy. Traders should watch the U.S. stock market, however, as it has been reaching record highs recently.
Liquidity may remain thin today as no important data releases are scheduled. We recommend trading more technically with short-term expiries. The movement is sideways. Support is found at 1,170 and resistance at 1,200.
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