On Friday, Gold reached its highest price since March 6 and increased to $1,187/ounce. Traders sold off their previous positions placed when they had expected the Fed to increase interest rates in June. However, as speculation shifted to September, the price of the yellow metal gained once again.
Traders should be careful if placing any long-term ‘call’ positions. If U.S. data comes out strong (especially Friday’s U.S. GDP release), the price might easily fall back down. The movement is sideways. Support is found at 1,142.0 and resistance at 1,192.0.
March 23, 2015 – Commodities News
Gold
On Friday, Gold reached its highest price since March 6 and increased to $1,187/ounce. Traders sold off their previous positions placed when they had expected the Fed to increase interest rates in June. However, as speculation shifted to September, the price of the yellow metal gained once again.
Traders should be careful if placing any long-term ‘call’ positions. If U.S. data comes out strong (especially Friday’s U.S. GDP release), the price might easily fall back down. The movement is sideways. Support is found at 1,142.0 and resistance at 1,192.0.
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