On Thursday, Gold peaked at a 3-week high and bounced off $1,220/ounce. However, as the U.S. dollar started to strengthen the jump was erased and the price dropped back to $1,200/ounce. Tension in the Middle East was short-term and as we warned, the price immediately declined.
Today, the main event will be the U.S. Final GDP release which we predict will be lower than expected. The movement is sideways. Support is found at 1,200.0 and resistance at 1,220.0.
March 27, 2015 – Commodities News
Gold
On Thursday, Gold peaked at a 3-week high and bounced off $1,220/ounce. However, as the U.S. dollar started to strengthen the jump was erased and the price dropped back to $1,200/ounce. Tension in the Middle East was short-term and as we warned, the price immediately declined.
Today, the main event will be the U.S. Final GDP release which we predict will be lower than expected. The movement is sideways. Support is found at 1,200.0 and resistance at 1,220.0.
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