The price of Gold reacted on disappointing U.S. data and reached $1,266/ounce, however, the sentiment changed immediately and the price dropped to $1,252/ounce. As the China market reopened after week the physical demand strengthened and pulled the price up above $1,263/ounce. The price is now waiting for the U.S. Non-farm payrolls data which will be released at 1.30PM (GMT). If the price comes out above expectation we should expect sharp movement down. The sentiment is now slightly bullish. The support is now lying at 1,252 and resistance at 1,274.
Crude Oil jumped up to its 1-month highs but reversed on its resistance at $98.80/ounce and decreased to $97.60/ounce. The price will be today affected by U.S. Dollar movement. If the labor report will be positive we should expect the price going up again.
February 7, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold reacted on disappointing U.S. data and reached $1,266/ounce, however, the sentiment changed immediately and the price dropped to $1,252/ounce. As the China market reopened after week the physical demand strengthened and pulled the price up above $1,263/ounce. The price is now waiting for the U.S. Non-farm payrolls data which will be released at 1.30PM (GMT). If the price comes out above expectation we should expect sharp movement down. The sentiment is now slightly bullish. The support is now lying at 1,252 and resistance at 1,274.
Crude Oil jumped up to its 1-month highs but reversed on its resistance at $98.80/ounce and decreased to $97.60/ounce. The price will be today affected by U.S. Dollar movement. If the labor report will be positive we should expect the price going up again.
Related Posts: