The price of Gold managed to finish last week on its 2-months maximum reaching $1,278/ounce. The price benefited from rally on the stock market where investors are getting depressed after few days of soft data. The price started new week with some price correction down and fell to $1,266/ounce. The precious metal might be soon under pressure due to the fact that on Wednesday we should know the answer if the Fed continue with tapering of monetary stimulus. If yes, we should expect the price to drop. The sentiment is now slightly bearish but might reverse as Asian stocks slid (Nikkei closed -2.5%). The support is lying at 1,256 and resistance at 1,293.
The Crude Oil WTI decreased from its $97.60/barrel to $96.40/barrel on a soft Chinese data. Today we might see some movement up as price correction. We should keep an eye on the American market as well as on its stocks. If the negative mood remains the price might climb above its 4-weeks highs. The support is lying at 96.40 and resistance is lying at 98.25.
January 27, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold managed to finish last week on its 2-months maximum reaching $1,278/ounce. The price benefited from rally on the stock market where investors are getting depressed after few days of soft data. The price started new week with some price correction down and fell to $1,266/ounce. The precious metal might be soon under pressure due to the fact that on Wednesday we should know the answer if the Fed continue with tapering of monetary stimulus. If yes, we should expect the price to drop. The sentiment is now slightly bearish but might reverse as Asian stocks slid (Nikkei closed -2.5%). The support is lying at 1,256 and resistance at 1,293.
The Crude Oil WTI decreased from its $97.60/barrel to $96.40/barrel on a soft Chinese data. Today we might see some movement up as price correction. We should keep an eye on the American market as well as on its stocks. If the negative mood remains the price might climb above its 4-weeks highs. The support is lying at 96.40 and resistance is lying at 98.25.
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