During the Wednesday’s trading hours, the price of Gold rose above $1,305/ounce but reversed and by now the price declined below $1,290/ounce. The reason behind this bearish movement came from stock market as we wrote before. U.S. stocks increased yesterday by more than 1% and therefore cut the demand for safe-demand assets. Today, we should pay attention to the ECB decision which should affect price of the yellow metal as well. The movement is slightly bearish. The support is found at 1,280 and resistance at 1,304.
January 22, 2015 – Commodities News
During the Wednesday’s trading hours, the price of Gold rose above $1,305/ounce but reversed and by now the price declined below $1,290/ounce. The reason behind this bearish movement came from stock market as we wrote before. U.S. stocks increased yesterday by more than 1% and therefore cut the demand for safe-demand assets. Today, we should pay attention to the ECB decision which should affect price of the yellow metal as well. The movement is slightly bearish. The support is found at 1,280 and resistance at 1,304.
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