The price of Gold declined as the U.S. economy outlook shows improvement and also due to another reducing of the monetary stimulus. The price of Gold fell from $1,266/ounce to $1,237/ounce but slightly rebounded to $1,242/ounce. The drop was also caused by weaker physical demand which now will remain weak for one week as China celebrating New Year. That’s why we should expect another possible movement down.The trend is slightly bearish. The support is lying at 1,231 and resistance at 1,258.
January 31, 2014 – Commodities News
Hot asset for today: Gold
The price of Gold declined as the U.S. economy outlook shows improvement and also due to another reducing of the monetary stimulus. The price of Gold fell from $1,266/ounce to $1,237/ounce but slightly rebounded to $1,242/ounce. The drop was also caused by weaker physical demand which now will remain weak for one week as China celebrating New Year. That’s why we should expect another possible movement down.The trend is slightly bearish. The support is lying at 1,231 and resistance at 1,258.
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