Gold fell yesterday after better than expected data from America revived investor confidence in US assets – reducing the need for a safe haven. Good has been mixed today during the Asian session mostly due to trader anxiety of today’s testimony from Janet Yellen. Though the Fed has emphasized its desire to continue tapering, many are wondering whether they may slow the reduction in their bond buying program considering that most of the US data published since the last round of tapering has been worse than expected. Just recently, gold has actually climbed as a result of reports that Russia may be about to intervene in Ukraine’s political crisis. As the situation intensifies, safe haven assets become more appealing – driving up demand fro the yellow metal. Look for support at 1332.06 and resistance at 1334.46.
Yesterday, weak supply data from the US pushed up the price of oil. However, today crude has been switching between small gains and losses as traders await US data such as Durable Goods Orders and Initial Jobless claims coming out at 13:30 GMT and Janet Yellen’s testimony at 15:00 GMT. Due to the importance of this information to global markets. oil is unlikely to make any significant moves before the publication of this data. In the meantime, look for support at 102.28 and resistance 102.50.
February 27, 2014 – Commodities News
Gold fell yesterday after better than expected data from America revived investor confidence in US assets – reducing the need for a safe haven. Good has been mixed today during the Asian session mostly due to trader anxiety of today’s testimony from Janet Yellen. Though the Fed has emphasized its desire to continue tapering, many are wondering whether they may slow the reduction in their bond buying program considering that most of the US data published since the last round of tapering has been worse than expected. Just recently, gold has actually climbed as a result of reports that Russia may be about to intervene in Ukraine’s political crisis. As the situation intensifies, safe haven assets become more appealing – driving up demand fro the yellow metal. Look for support at 1332.06 and resistance at 1334.46.
Yesterday, weak supply data from the US pushed up the price of oil. However, today crude has been switching between small gains and losses as traders await US data such as Durable Goods Orders and Initial Jobless claims coming out at 13:30 GMT and Janet Yellen’s testimony at 15:00 GMT. Due to the importance of this information to global markets. oil is unlikely to make any significant moves before the publication of this data. In the meantime, look for support at 102.28 and resistance 102.50.
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