Yesterday, Gold traded choppy as sentiment remained unchanged. The price first climbed to $1,213/ounce but returned back below $1,200/ounce on reports that the Russian Central Bank is selling foreign currencies and considering selling Gold reserves. The price is now ranging around $1,200.00 due to conflicting events. Gains on the stock market are negative for the metal, however, the price is still supported by demand for safe haven assets.
Investors should watch the oil market as well as developing events in Russia. Any geopolitical problems should immediately pull the price up. Today, we recommend trading technically as no important economic data will be released. The movement is sideways. Support is found at 1,180 and resistance at 1,225.
December 19, 2014 – Commodities News
Gold
Yesterday, Gold traded choppy as sentiment remained unchanged. The price first climbed to $1,213/ounce but returned back below $1,200/ounce on reports that the Russian Central Bank is selling foreign currencies and considering selling Gold reserves. The price is now ranging around $1,200.00 due to conflicting events. Gains on the stock market are negative for the metal, however, the price is still supported by demand for safe haven assets.
Investors should watch the oil market as well as developing events in Russia. Any geopolitical problems should immediately pull the price up. Today, we recommend trading technically as no important economic data will be released. The movement is sideways. Support is found at 1,180 and resistance at 1,225.
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