On Friday, the price of Gold peaked to fresh 5-month high at $1,307/ounce but since that dropped below $1,290/ounce. The price of the yellow metal was slightly spurred by the results of Greek election when Syriza anti-austerity party won. However, the fact that the stock market is supported by recent news that European Central bank will add monetary stimulus in amount of 60 billion euro a month since March, the demand for safe-haven assets declined. The price might continue downwards and test its support today. The movement is slightly bearish. The support is found at 1,280 and resistance at 1,307.
January 26, 2015 – Commodities News
On Friday, the price of Gold peaked to fresh 5-month high at $1,307/ounce but since that dropped below $1,290/ounce. The price of the yellow metal was slightly spurred by the results of Greek election when Syriza anti-austerity party won. However, the fact that the stock market is supported by recent news that European Central bank will add monetary stimulus in amount of 60 billion euro a month since March, the demand for safe-haven assets declined. The price might continue downwards and test its support today. The movement is slightly bearish. The support is found at 1,280 and resistance at 1,307.
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