Gold Commodity Price Update Today 2016

The price of gold go up nearly 2 percent at the close of trade last weekend, Saturday daybreak(16/01), triggered a weakening of the u.s. dollar and a drop in crude oil prices and the stock market supported the demand of gold as a safer asset.

The rise in gold prices boosted by the weakening dollar, which fell against a basket of 0.5 percent of major currencies, after the US data was weaker than expected and makes Gold cheaper for holders of foreign currencies. U.S. retail sales and industrial production dropped in December, the latest indication that the economic growth braked sharply in the fourth quarter.

Likewise, the price of oil jumped $ 29 a barrel, dragging major stock indexes around the worlddropped sharply, as the global slowdown worries amid crude oil supply satiety rocked the markets and investors.

The price of spot gold rose 1.06 percent at 1, 089.03 dollars per troy oz. While U.S. gold futures prices for March delivery closed up $ 17.10 on 1, 090.70 dollars a troy ounce, which was last trading at rose 1089.40 percent on dollars 1.47 per troy ounce.

Gold prices reached a two-month highs at $ 1112 last week because of the volatility of China's stock increase worries about the State of the global economy, making investors sought refuge in gold and other safe havens.

While the prices of other precious metals, the price of silver rose 1.18 per cent at $ 13.91 per ounce, but the price of Palladium down 0.59 per cent to $ 488.35 per ounce, leading to the second week of declines after slipping 12 percent last week. The price of Platinum down 1.0 per cent to $ 826.80 and was on track to close the week down nearly 6 percent.

We estimate gold prices strengthened again potentially limited with sentiment weakening crudeoil prices and worries of a slowing China-based, which carries a gold as a safe haven asset. It is estimated the price of gold would try to penetrate the 1,091-1,093 Resistance level, and if the price retreat will try to penetrate the Support level 3.640-1,085.