On Wednesday Gold broke its resistance at 1,265 and climbed all the way to $1,270/ounce where it then reversed. The price was pulled up by strong physical demand from China which is advancing before Friday when the Chinese market will close for a week due to a holiday. The price will most likely drop today as the demand fades. The price will be also affected by the U.S. GDP which is coming out at 1.30PM (GMT) so we should pay attention to that. The trend is slightly bearish. The support is lying at 1,248 and resistance at 1,279.
Yesterday Crude Oil touched its resistance at $97.70/barrel. The price of Oil benefits from stronger U.S. data and might continue its movement up if the U.S. GDP shows improvement as well. The trend is now slightly bullish with support at 96.25 and resistance at 97.80.
January 30, 2014 – Commodities News
Hot asset for today: Gold
On Wednesday Gold broke its resistance at 1,265 and climbed all the way to $1,270/ounce where it then reversed. The price was pulled up by strong physical demand from China which is advancing before Friday when the Chinese market will close for a week due to a holiday. The price will most likely drop today as the demand fades. The price will be also affected by the U.S. GDP which is coming out at 1.30PM (GMT) so we should pay attention to that. The trend is slightly bearish. The support is lying at 1,248 and resistance at 1,279.
Yesterday Crude Oil touched its resistance at $97.70/barrel. The price of Oil benefits from stronger U.S. data and might continue its movement up if the U.S. GDP shows improvement as well. The trend is now slightly bullish with support at 96.25 and resistance at 97.80.
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