The price of Gold has been increasing for past 3 trading days adding more than $30/ounce. Yesterday the price touched the 2 week high and turned just before reaching $1,315/ounce. We can see that traders are now aware of another increasing tension in Ukraine and investing to safe-haven asset (we can see the movement even on Yen or Swiss Franc). Today we might see some reversal movement down connected with FOMC Meeting Minutes which will be posted at 6.00PM (GMT). The expected tapering of monetary stimulus should be already priced in, however what is now closely watched is the interest rate. Janet Yellen (Fed Chairman) said that the interest rates should increase not earlier than 6 month once the monetary stimulus will finish. The trend is still slightly bullish but might reverse later on. The support is lying at 1,304 and resistance at 1,318.
April 9, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold has been increasing for past 3 trading days adding more than $30/ounce. Yesterday the price touched the 2 week high and turned just before reaching $1,315/ounce. We can see that traders are now aware of another increasing tension in Ukraine and investing to safe-haven asset (we can see the movement even on Yen or Swiss Franc). Today we might see some reversal movement down connected with FOMC Meeting Minutes which will be posted at 6.00PM (GMT). The expected tapering of monetary stimulus should be already priced in, however what is now closely watched is the interest rate. Janet Yellen (Fed Chairman) said that the interest rates should increase not earlier than 6 month once the monetary stimulus will finish. The trend is still slightly bullish but might reverse later on. The support is lying at 1,304 and resistance at 1,318.
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