During the Tuesday’s trading hours, the price of Gold rose towards the $1,300/ounce but the main impulse came in the night when the dollar weakened. The yellow metal climbed to $1,303/ounce – the 5-month high – as the appeal for safe haven asset support the movement up. Mitsui Precious Metals analyst David Jollie said on Reuters “Nervousness ahead of the Greek election and the ECB’s next meeting suggests that any investors who are long gold are likely to hold onto those positions, at least until there is a little more clarity on the likely fate of the euro.” Therefore, we should not expect significant drop before tomorrow. The movement is slightly upwards. The support is found at 1,280 and resistance at 1,304.
January 21, 2015 – Commodities News
During the Tuesday’s trading hours, the price of Gold rose towards the $1,300/ounce but the main impulse came in the night when the dollar weakened. The yellow metal climbed to $1,303/ounce – the 5-month high – as the appeal for safe haven asset support the movement up. Mitsui Precious Metals analyst David Jollie said on Reuters “Nervousness ahead of the Greek election and the ECB’s next meeting suggests that any investors who are long gold are likely to hold onto those positions, at least until there is a little more clarity on the likely fate of the euro.” Therefore, we should not expect significant drop before tomorrow. The movement is slightly upwards. The support is found at 1,280 and resistance at 1,304.
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