Gold started the new week with a positive gap. On Friday, the gold market was closed and had to wait until Monday to price in the low U.S. Non-farm payrolls data which hurt the dollar. The price rose as market assessed the likelihood that interest rates will be hiked in June. Even though the figure might be corrected upwards, speculation should shift to September.
Today, watch a speech from FOMC member, William Dudley, and to the U.S. ISM Non-Manufacturing PMI. The movement is slightly bullish. Support is found at 1,195 and resistance at 1,223.0.
April 6, 2015 – Commodities News
Gold
Gold started the new week with a positive gap. On Friday, the gold market was closed and had to wait until Monday to price in the low U.S. Non-farm payrolls data which hurt the dollar. The price rose as market assessed the likelihood that interest rates will be hiked in June. Even though the figure might be corrected upwards, speculation should shift to September.
Today, watch a speech from FOMC member, William Dudley, and to the U.S. ISM Non-Manufacturing PMI. The movement is slightly bullish. Support is found at 1,195 and resistance at 1,223.0.
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