Gold Shows No Significant Movement

Gold remained low without any significant movement throughout the session and its price ranged between 1,280/ounce and $1,288/ounce. The price may be under pressure during today’s session as we await for the U.S. data (Core Durable Goods) to be released. The low price of the precious metal may rise significantly as there is an expectation of physical demand that will support the increase of the price. Its support level is currently at 1,277 whilst resistance is at 1,294.

On the other hand, the price of crude oil has been on a low since Wednesday and the decline in price was caused by the positive U.S housing data release. However, during yesterday’s session, there was no positive news released that could show any signs of volatility. Today’s trading session on crude oil may still be quiet but we anticipate the release data of U.S Core Durable goods to be positive. If the data is positive, the price will increase thereby also giving a positive outlook on U.S economic. Currently the trend is sideways with support levels at 101.10 and resistance at 102.05

Looking at the currencies, the U.S dollar remained flats against all major pairs although the pairing of the EUR/USD looked like the euro was continuously going on an upward trend but the positive data of existing home sales in the U.S held on to its gains. Investors and traders are currently waiting for the speech by European President Mario Draghi regarding the deflation in the Euro zone.