Gold declined at the end of last week as investors renewed their expectations for the rate hike in the U.S. The FOMC statement was more hawkish than expected and showed that a summer hike is not off the table. Traders also tracked the direction of U.S stocks as many important company earnings were posted.
Today, the metal is trading with bullish sentiment and has so far reached $1,192/ounce. Gains are seen as the Dollar loses some of its gains. Traders will mostly be eyeing the NFP report which will be released on Friday as this will provide greater clues for rate hike timing. The movement is slightly up. Support is found at 1,170 and resistance at 1,200.0.
May 4, 2015 – Commodities News
Gold
Gold declined at the end of last week as investors renewed their expectations for the rate hike in the U.S. The FOMC statement was more hawkish than expected and showed that a summer hike is not off the table. Traders also tracked the direction of U.S stocks as many important company earnings were posted.
Today, the metal is trading with bullish sentiment and has so far reached $1,192/ounce. Gains are seen as the Dollar loses some of its gains. Traders will mostly be eyeing the NFP report which will be released on Friday as this will provide greater clues for rate hike timing. The movement is slightly up. Support is found at 1,170 and resistance at 1,200.0.
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