Gold prices rose slightly on Friday but still fell 2.2% for the last week, closed below the level that is always closely watched by market participants is $ 1,200. Gold for February delivery rose slightly by $ 1.20, or 0.1%, and closed at $ 1,196.00 an ounce. Silver for March delivery rose 10 cents, or 0.6%, ending at $ 16.03 per ounce.
Gold hit last week by factors such as crude oil and the dollar lost ground continued to strengthen against its rivals. Oil is the most traded commodity in the world, so that other commodities can move in line with crude oil prices, and a stronger greenback will hit commodities such as gold are traded in dollars, for holders of other currencies then have to pay more when the dollar strengthens. Strengthening stocks gold stocks has also been strangled. Gold weekly decline last week was the first in three weeks.
Meanwhile trade crude oil futures rallied on Friday, bulldoze the sharp decline that occurred earlier in the day and rebounding from its lowest close in more than five years. Light-sweet crude futures for January delivery rose $ 2.42, or 4.4%, ending at $ 56.52 a barrel on the New York Mercantile Exchange. Brent crude for February delivery on the London ICE Futures exchange rose $ 2.11, or 3.6%, to $ 61.38 a barrel. In this week, Brent lost 1.2%, which is also a fourth weekly loss in a row. However, the increase in price in session last weekend was not enough to erase earlier losses.
Long-term investors may believe that the market will contract back and prices turned higher, but from the perspective of short-term trading, investors think it is too early to guess that medium term down trend has reached its lowest point.
To this day it seems there will be no big movement on commodity prices. As far as our observation is not visible data or economic and political events that could have a major impact on commodity trading today.