Gold retraced over 60% of its previous upwards movement. This pulled the price from $1,131/ounce to $1,178/ounce. Following this, the yellow metal fell to $1,146/ounce but has slightly recovered since. We can see that physical demand is picking up and may be supporting the price.
Traders should focus on the U.S. stock market as it has reached new highs (S&P500 reversed above 2,040). The movement is sideways. Support is found at 1,130 and resistance at 1,161.
November 11, 2014 – Commodities News
Gold
Gold retraced over 60% of its previous upwards movement. This pulled the price from $1,131/ounce to $1,178/ounce. Following this, the yellow metal fell to $1,146/ounce but has slightly recovered since. We can see that physical demand is picking up and may be supporting the price.
Traders should focus on the U.S. stock market as it has reached new highs (S&P500 reversed above 2,040). The movement is sideways. Support is found at 1,130 and resistance at 1,161.
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