Yesterday, Gold ranged in a channel between $1,210/ounce and $1,220/ounce. The price reached a 9 month low on Wednesday during a huge sell off but as investors started to take profits also from positions with the U.S. Dollar the price rose. Traders are also watching the situation in Hong Kong which has been pushing equities down.
If the Non-farm payrolls data posted today exceeds expectations, the price may test $1,200/ounce psychological level. The trend is slightly downwards. Support is found at 1,204 and resistance at 1,231.
October 3, 2014 – Commodities News
Gold
Yesterday, Gold ranged in a channel between $1,210/ounce and $1,220/ounce. The price reached a 9 month low on Wednesday during a huge sell off but as investors started to take profits also from positions with the U.S. Dollar the price rose. Traders are also watching the situation in Hong Kong which has been pushing equities down.
If the Non-farm payrolls data posted today exceeds expectations, the price may test $1,200/ounce psychological level. The trend is slightly downwards. Support is found at 1,204 and resistance at 1,231.
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