Yesterday, Gold fell below $1,200/ounce as investors dumped safe-haven assets and transferred their investments to riskier assets. However, as the Dollar weakened, the price recovered to its current level of $1200/ounce. The Chinese market will remain closed until Wednesday so physical demand is on the downside.
Today, traders should focus on events in Europe as if Greece convinces European creditors to accept their reforms, the metal should continue downwards. The movement is sideways. Support is found at 1,186.5 and resistance at 1,216.
February 24, 2015 – Commodities News
Gold
Yesterday, Gold fell below $1,200/ounce as investors dumped safe-haven assets and transferred their investments to riskier assets. However, as the Dollar weakened, the price recovered to its current level of $1200/ounce. The Chinese market will remain closed until Wednesday so physical demand is on the downside.
Today, traders should focus on events in Europe as if Greece convinces European creditors to accept their reforms, the metal should continue downwards. The movement is sideways. Support is found at 1,186.5 and resistance at 1,216.
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