Yesterday, Gold increased to $1,210/ounce as the Chinese market re-opened after holidays and physical demand picked up. The price of the yellow metal benefited from Janet Yellen’s testimony which was less hawkish than expected. Yellen stated that ”an increase is not likely for at least the next couple of meetings”.
The price has remained higher and is currently moving towards its resistance level at 1,216. Today, pay attention to U.S. inflation data release at 1.30PM (GMT). The movement is sideways. Support is found at 1,186.5 and resistance at 1,216.
February 26, 2015 – Commodities News
Gold
Yesterday, Gold increased to $1,210/ounce as the Chinese market re-opened after holidays and physical demand picked up. The price of the yellow metal benefited from Janet Yellen’s testimony which was less hawkish than expected. Yellen stated that ”an increase is not likely for at least the next couple of meetings”.
The price has remained higher and is currently moving towards its resistance level at 1,216. Today, pay attention to U.S. inflation data release at 1.30PM (GMT). The movement is sideways. Support is found at 1,186.5 and resistance at 1,216.
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