Gold is ranging between $1,204/ounce and $1,216/ounce. The price remained high as Oil is trading below $50/barrel. However, further gains are limited as the dollar remains strong. Today, traders should watch the U.S. labour data which will be released at 1.30PM (GMT). If the data comes out strong, the metal may be pushed towards $1,200/ounce.
Investors should also keep an eye on the stock market as it has been recovering. The movement is sideways. Support is found at 1,200 and resistance at 1,222.
January 9, 2015 – Commodities News
Gold
Gold is ranging between $1,204/ounce and $1,216/ounce. The price remained high as Oil is trading below $50/barrel. However, further gains are limited as the dollar remains strong. Today, traders should watch the U.S. labour data which will be released at 1.30PM (GMT). If the data comes out strong, the metal may be pushed towards $1,200/ounce.
Investors should also keep an eye on the stock market as it has been recovering. The movement is sideways. Support is found at 1,200 and resistance at 1,222.
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