The Price of Gold touched its 7 weeks low twice yesterday but bounced back. We can finally see an increase in physical demand after the price dropped below $1,300/ounce. The situation in Ukraine also seems to have calmed down even though there is still a slight risk of escalation. If this did happen we would see the price climb back above $1,300/ounce. Today the price should be affected by the U.S. ADP Non-Farm Employment Change which will be released at 12.15PM (GMT) and we should also pay attention to IMF Managing Director Christine Lagarde’s speech at 3.00PM (GMT) about the global economy. The movement is slightly downwards with support at 1,277 and resistance at 1,289.
April 2, 2014 – Commodities News
Hot Asset For Today: Gold
The Price of Gold touched its 7 weeks low twice yesterday but bounced back. We can finally see an increase in physical demand after the price dropped below $1,300/ounce. The situation in Ukraine also seems to have calmed down even though there is still a slight risk of escalation. If this did happen we would see the price climb back above $1,300/ounce. Today the price should be affected by the U.S. ADP Non-Farm Employment Change which will be released at 12.15PM (GMT) and we should also pay attention to IMF Managing Director Christine Lagarde’s speech at 3.00PM (GMT) about the global economy. The movement is slightly downwards with support at 1,277 and resistance at 1,289.
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