On Friday, the price of the yellow metal increased above $1,230/ounce mainly due to weaker dollar. The price of gold should be influenced by today’s negotiations, which takes place in Brussel. Greece will try to get a deal that will keep Greece solvent. In addition, physical demand picked up due to Chinese new year celebrations when gold coin are issued by the People’s Bank of China. On the other hand, we should respect the fact that the FOMC meeting minutes are coming out on Wednesday and the price of gold can sharply decline if Fed signalize any new about interest rate hike. The movement is slightly bullish. The support is found at 1,216 and resistance at 1,239.
February 16, 2015 – Commodities News
Hot Asset For Today: Gold
On Friday, the price of the yellow metal increased above $1,230/ounce mainly due to weaker dollar. The price of gold should be influenced by today’s negotiations, which takes place in Brussel. Greece will try to get a deal that will keep Greece solvent. In addition, physical demand picked up due to Chinese new year celebrations when gold coin are issued by the People’s Bank of China. On the other hand, we should respect the fact that the FOMC meeting minutes are coming out on Wednesday and the price of gold can sharply decline if Fed signalize any new about interest rate hike. The movement is slightly bullish. The support is found at 1,216 and resistance at 1,239.
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