Yesterday, Gold dropped significantly as U.S. Jobless Claims came out above expectations and supported the outlook for a sooner interest rate hike in summer. The price reached a low of $1,180/ounce where it then started to range. The price dropped even though losses were seen in the stock market which would usually support demand for safe haven assets.
Some traders believe the price could drop to $1,150/ounce if it breaks through support. Pay attention to the ISM Manufacturing PMI release. The movement is sideways. Support is found at 1,175 and resistance at 1,200.0.
May 1, 2015 – Commodities News
Gold
Yesterday, Gold dropped significantly as U.S. Jobless Claims came out above expectations and supported the outlook for a sooner interest rate hike in summer. The price reached a low of $1,180/ounce where it then started to range. The price dropped even though losses were seen in the stock market which would usually support demand for safe haven assets.
Some traders believe the price could drop to $1,150/ounce if it breaks through support. Pay attention to the ISM Manufacturing PMI release. The movement is sideways. Support is found at 1,175 and resistance at 1,200.0.
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