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2 Jan 2015
Gold starts 2015 on the bid
FXStreet (London) - Comex Gold contracts are trading up on the first trading session of 2015 by 0.27% at $1,187.30.
The yellow metal opened higher from its 2014 close at $1,184.10 but with little in the way of data or volume in the market at present, measured trading can be expected for now.
2014 was a choppy year for Gold, gaining at first before declining into the close. Despite several rounds of QE in the US, the dollar has remained the world’s reserve currency by default due to lack of alternatives. Emerging market (dollar denominated) debt is estimated to be around $2.6 trillion by the Bank of International Settlements, meaning that inflation has not emerged in the US, despite the unprecedented expansion of money supply – due to global demand.
Gold Levels
Above, next support can be found at $1,190.58, $1,196 and $1,200. Below, we see support around $1,182.35, and $1,179.63-1,178.70.
The yellow metal opened higher from its 2014 close at $1,184.10 but with little in the way of data or volume in the market at present, measured trading can be expected for now.
2014 was a choppy year for Gold, gaining at first before declining into the close. Despite several rounds of QE in the US, the dollar has remained the world’s reserve currency by default due to lack of alternatives. Emerging market (dollar denominated) debt is estimated to be around $2.6 trillion by the Bank of International Settlements, meaning that inflation has not emerged in the US, despite the unprecedented expansion of money supply – due to global demand.
Gold Levels
Above, next support can be found at $1,190.58, $1,196 and $1,200. Below, we see support around $1,182.35, and $1,179.63-1,178.70.