The price of Gold dropped to its 3 moth low and reversed on $1,260/ounce level. The S&P500 index managed to reach its record high and that was the cause of the decline in gold. Investors weighting their position in gold and selling it. Some analyst now believes that this sharp decline will provoke another up-selling and that might push the price back to January’s low. With lower price we should watch the physical demand which might pull the price slightly back. The trend is not clear yet. We would expect price correction before further drop. The support is lying at 1,260 and resistance at 1,284.
May 28, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold dropped to its 3 moth low and reversed on $1,260/ounce level. The S&P500 index managed to reach its record high and that was the cause of the decline in gold. Investors weighting their position in gold and selling it. Some analyst now believes that this sharp decline will provoke another up-selling and that might push the price back to January’s low. With lower price we should watch the physical demand which might pull the price slightly back. The trend is not clear yet. We would expect price correction before further drop. The support is lying at 1,260 and resistance at 1,284.
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