The price of Gold started the new week with decrease and in the time of writing the price ranged around $1,313/ounce. The price has been under pressure already since Thursday when the U.S. Non-farm payrolls pointed on stronger labour market and again supported the speculation over earlier interest rate increase. Even though the Fed members earlier said that the interest rate will remain low in 2015, the market already weighting when the increase can actually happen. Right now will be very important physical demand strength. If the physical demand is weak the price might drop to its support. The sentiment is slightly bearish. The support is lying at 1,306 and the resistance is at 1,333.
July 7, 2014 – Commodities News
Hot Asset For Today: Gold
The price of Gold started the new week with decrease and in the time of writing the price ranged around $1,313/ounce. The price has been under pressure already since Thursday when the U.S. Non-farm payrolls pointed on stronger labour market and again supported the speculation over earlier interest rate increase. Even though the Fed members earlier said that the interest rate will remain low in 2015, the market already weighting when the increase can actually happen. Right now will be very important physical demand strength. If the physical demand is weak the price might drop to its support. The sentiment is slightly bearish. The support is lying at 1,306 and the resistance is at 1,333.
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