Gold declined after data showed that the U.S economy expanded at a stronger rate than expected during the third quarter. The data fueled speculation that the Fed may increase interest rates sooner. Higher interest rates are bearish for Gold as they act as an alternative investment. In addition to this, U.S stocks continued to climb with the Dow Jones closing above 18,000.
Today, Gold is climbing as the Dollar rebounds slightly downwards. Traders should watch the stock market but volatility is expected to be low due to the shorter trading day before Christmas. The movement is slightly bullish. Support is found at 1,170 and resistance at 1,185.
December 24, 2014 – Commodities News
Gold
Gold declined after data showed that the U.S economy expanded at a stronger rate than expected during the third quarter. The data fueled speculation that the Fed may increase interest rates sooner. Higher interest rates are bearish for Gold as they act as an alternative investment. In addition to this, U.S stocks continued to climb with the Dow Jones closing above 18,000.
Today, Gold is climbing as the Dollar rebounds slightly downwards. Traders should watch the stock market but volatility is expected to be low due to the shorter trading day before Christmas. The movement is slightly bullish. Support is found at 1,170 and resistance at 1,185.
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