Yesterday, Gold dropped back towards $1,170/ounce. The Price of the yellow metal experienced a week steep fall as investors sold their positions as a hedge to inflation, which is lower due to low oil prices. The commodity is under pressure as U.S. data has been consistently strong, supporting speculation that the Fed will increase interest rates sooner than the second half of 2015.
Today we expect low volatility due to Christmas holiday observations. The movement is sideways. Support is found at 1,170 and resistance at 1,185.
December 25, 2014 – Commodities News
Gold
Yesterday, Gold dropped back towards $1,170/ounce. The Price of the yellow metal experienced a week steep fall as investors sold their positions as a hedge to inflation, which is lower due to low oil prices. The commodity is under pressure as U.S. data has been consistently strong, supporting speculation that the Fed will increase interest rates sooner than the second half of 2015.
Today we expect low volatility due to Christmas holiday observations. The movement is sideways. Support is found at 1,170 and resistance at 1,185.
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