On Friday Gold prices traded higher by 0.13% against the USD towards the end of the session, at $1323.95/ounce, as a lackluster housing data from the US and violence in Ukraine bolstered the safe-haven appeal Gold. Following the G20 meeting in Australia on the weekend, the G20 said it would aim to lift G20 GDP by “more than 2 percent above the trajectory implied by current policies”. With gold maintaining its upside bias, we expect further strength today. The gold price is set to gain ground, with news China overtook India as the world’s largest gold consumer in 2013 supportive for the precious metal.Gold is expected to find support level of 1308.00. Gold is expected to find its resistance at level of 1332.00.
February 24, 2014 – Commodities News
Hot Asset For Today: Gold
On Friday Gold prices traded higher by 0.13% against the USD towards the end of the session, at $1323.95/ounce, as a lackluster housing data from the US and violence in Ukraine bolstered the safe-haven appeal Gold. Following the G20 meeting in Australia on the weekend, the G20 said it would aim to lift G20 GDP by “more than 2 percent above the trajectory implied by current policies”. With gold maintaining its upside bias, we expect further strength today. The gold price is set to gain ground, with news China overtook India as the world’s largest gold consumer in 2013 supportive for the precious metal.Gold is expected to find support level of 1308.00. Gold is expected to find its resistance at level of 1332.00.
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