Gold reacted to speculation regarding the FOMC statement and dropped below $1,300/ounce. The Chairman of the Fed, Janet Yellen, has increased expectations over a potential hike in interest rates as she stated in her testimony that improving labour and housing data could lead to this. Today, traders should watch the U.S. GDP release at 2.00PM GMT as well as the FOMC Statement which is coming out at 6.00PM GMT.
The sentiment is sideways. Support is found at 1,287 and resistance at 1,310.
July 30, 2014 – Commodities News
Gold
Gold reacted to speculation regarding the FOMC statement and dropped below $1,300/ounce. The Chairman of the Fed, Janet Yellen, has increased expectations over a potential hike in interest rates as she stated in her testimony that improving labour and housing data could lead to this. Today, traders should watch the U.S. GDP release at 2.00PM GMT as well as the FOMC Statement which is coming out at 6.00PM GMT.
The sentiment is sideways. Support is found at 1,287 and resistance at 1,310.
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