Gold futures fell slightly during Wednesday’s Asian session, paring gains notched during Tuesday’s U.S. session after the Bank of Japan announced more easing measures.
Gold futures were likely to test support USD1,666.55 a troy ounce, Thursday's low, and resistance at USD1,696.25, Thursday's high. Stiff technical resistance is also seen at the USD1,700 mark.
Traders see a move above USD1,700 and then USD1,710 per ounce as having the potential to bring new buyers into the gold market, eliciting further upside for bullion in the process.
At the conclusion of its two-day meeting, the Bank of Japan did what many traders expected and that is raise its inflation target to 2% from 1%. The 2% target matches that of Prime Minister Shinzo Abe.
Gold futures were likely to test support USD1,666.55 a troy ounce, Thursday's low, and resistance at USD1,696.25, Thursday's high. Stiff technical resistance is also seen at the USD1,700 mark.
Traders see a move above USD1,700 and then USD1,710 per ounce as having the potential to bring new buyers into the gold market, eliciting further upside for bullion in the process.
At the conclusion of its two-day meeting, the Bank of Japan did what many traders expected and that is raise its inflation target to 2% from 1%. The 2% target matches that of Prime Minister Shinzo Abe.
Oil pulls back, but data supportive of more upside
Oil futures declined slightly in Wednesday’s Asian session after posting a solid gain data-driven gain during Tuesday’s U.S. session.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery fell 0.08% to USD96.60 per barrel after rising 0.71% to settle at USD96.72 a barrel during Tuesday’s U.S. session.
Crude was boosted by some positive economic news out of Germany and then the U.S. On Tuesday, the ZEW Centre for Economic Research reported that its index of German economic sentiment improved to 31.5 in January from 6.9 the previous month, far surpassing expectations for a rise to 12.0.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery fell 0.08% to USD96.60 per barrel after rising 0.71% to settle at USD96.72 a barrel during Tuesday’s U.S. session.
Crude was boosted by some positive economic news out of Germany and then the U.S. On Tuesday, the ZEW Centre for Economic Research reported that its index of German economic sentiment improved to 31.5 in January from 6.9 the previous month, far surpassing expectations for a rise to 12.0.
Natural gas prices off multi-session highs as market prices in weather
Natural gas futures eased off a six-week high on Tuesday as investors priced in cooler-than-normal temperatures settling in for much of the central and eastern portions of the country.
Talk cold weather won't stick around long enough to spark a more lasting need to heat up homes and businesses allowed the commodity to ease off recent highs.
Talk cold weather won't stick around long enough to spark a more lasting need to heat up homes and businesses allowed the commodity to ease off recent highs.
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