Gold went up yesterday after European officials called for the international community to take a harsher stance against Russia – increasing tension in the region. Also, the yellow metal had moved up slightly in anticipation of the Nonfarm Payrolls data today, though it is now ranging. Traders will be using the results to try and determine how the Fed will proceed with regards to monetary policy. Look for support at 1331.00 and resistance at 1355.10.
The price of WTI Crude Oil touched yesterday the lowest price since February 18th, however, as the tension in Ukraine increase the price reversed. The price bounced on 38.2% Fibonacci retracement and again slightly decreasing. We should pay attention to Ukraine situation and trade accordingly. The support is lying at 100.10 and resistance 102.07.
March 7, 2014 – Commodities News
Hot Asset For Today: Gold
Gold went up yesterday after European officials called for the international community to take a harsher stance against Russia – increasing tension in the region. Also, the yellow metal had moved up slightly in anticipation of the Nonfarm Payrolls data today, though it is now ranging. Traders will be using the results to try and determine how the Fed will proceed with regards to monetary policy. Look for support at 1331.00 and resistance at 1355.10.
The price of WTI Crude Oil touched yesterday the lowest price since February 18th, however, as the tension in Ukraine increase the price reversed. The price bounced on 38.2% Fibonacci retracement and again slightly decreasing. We should pay attention to Ukraine situation and trade accordingly. The support is lying at 100.10 and resistance 102.07.
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