On Thursday, Gold peaked at $1,209/ounce before losing momentum and dropping lower. After the U.S. Philly Manufacturing Production index was released the price dropped to $1,195/ounce. However it then recovered to $1,201/ounce as Dennis Lockhart commented on weak economic data from the first quarter. As the price did not react strongly to his comments, we can infer that bearish outlook remains due to very positive stock returns. In addition, physical demand has remained low.
Today, traders should pay attention to the U.S. CPI data which will be announced at 12.30PM (GMT). The movement is sideways. Support is found at 1,195 and resistance at 1,209.0.
April 17, 2015 – Commodities News
Gold
On Thursday, Gold peaked at $1,209/ounce before losing momentum and dropping lower. After the U.S. Philly Manufacturing Production index was released the price dropped to $1,195/ounce. However it then recovered to $1,201/ounce as Dennis Lockhart commented on weak economic data from the first quarter. As the price did not react strongly to his comments, we can infer that bearish outlook remains due to very positive stock returns. In addition, physical demand has remained low.
Today, traders should pay attention to the U.S. CPI data which will be announced at 12.30PM (GMT). The movement is sideways. Support is found at 1,195 and resistance at 1,209.0.
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