The Precious Metal Continues To Fall
During yesterday’s session, Gold continued to weaken than the expected durable goods.
The continuous fall of the precious metal was caused by the Federal Reserve’s decision to continue tapering thereby causing downward pressure on the metal.
However, during the session, there was no significant increase in Gold’s value after the potential escalation in the Crimea although traders were positive about the prospects of the US economy both in the long and short term.
At present moment, most investors are waiting for the Gold value to break its support level of 1300 and a resistance of 1306.98 before any other movement.
Oil was on a two week high at $100 a barrel and this increase resulted in the shortage of Oil at the main US oil storage Hub thereby increasing demand of gasoline thereby resulting in an increase of +5.8% in three months. The bottleneck from the storage hub was eased by the opening of TransCanada pipeline to Texas Gulf coast in January and this also caused the stockpiles to start falling. US will end the two decades of US crude oil importers with Saudi Arabia after the meeting between the US president Barack Obama and Saudi Arabia’s King Abdullah
Sugar outputs will climb for the first time after three years says India, the second largest sugar producer. The production will set the price of sugar to 25 million metric tons after the additional gain of 5% and the price will be on 1 week high.