Yesterday, Gold climbed and broke through its resistance at $1,200/ounce. The pair climbed all the way to $1,204.50/ounce. However, the rally was short lived and the price dropped back to $1,193/ounce. The choppy movement was caused by the dollar. The Dollar first weakened on the back of great German data but then strengthened as the U.S PPI data came out. The currency was also supported by Bank of Japan’s decision to postpone the sales tax.
Today, traders should pay attention to the U.S. FOMC Meeting Minutes report which will be released at 7.00PM (GMT). The movement is sideways. Support is found at 1,180 and resistance at 1,205.
November 19, 2014 – Commodities News
Gold
Yesterday, Gold climbed and broke through its resistance at $1,200/ounce. The pair climbed all the way to $1,204.50/ounce. However, the rally was short lived and the price dropped back to $1,193/ounce. The choppy movement was caused by the dollar. The Dollar first weakened on the back of great German data but then strengthened as the U.S PPI data came out. The currency was also supported by Bank of Japan’s decision to postpone the sales tax.
Today, traders should pay attention to the U.S. FOMC Meeting Minutes report which will be released at 7.00PM (GMT). The movement is sideways. Support is found at 1,180 and resistance at 1,205.
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