Gold climbed a little yesterday due to increased physical demand. Traders felt that the relatively low in the price at this point would make buying the precious metal good investment. Today, the pair is ranging in anticipation of US data coming out later today. Ultimately, gold will be responding mostly to changes in US monetary policy. Thus, any information from America that the Fed may use as justification for an interest rate change or a continuation of tapering will be sure to have significant effect on the yellow metal’s value as a safe haven asset. Be sure also to pay attention to tomorrow’s Nonfarm Payrolls report. Look for support at 1277.00 and resistance at 1300.00.
April 3, 2014 – Commodities News
Hot Asset For Today: Gold
Gold climbed a little yesterday due to increased physical demand. Traders felt that the relatively low in the price at this point would make buying the precious metal good investment. Today, the pair is ranging in anticipation of US data coming out later today. Ultimately, gold will be responding mostly to changes in US monetary policy. Thus, any information from America that the Fed may use as justification for an interest rate change or a continuation of tapering will be sure to have significant effect on the yellow metal’s value as a safe haven asset. Be sure also to pay attention to tomorrow’s Nonfarm Payrolls report. Look for support at 1277.00 and resistance at 1300.00.
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