Commodity Daily News

Gold Continues to Move Up Based on Positive EU News

Gold was able to maintain the bullish momentum it started late last week, following the release of positive euro-zone data which boosted risk appetite among investors. Typically, commodities such as gold move up along with riskier, higher yielding currencies like the euro. While the precious metal is up at the moment, analysts are quick to warn that any negative euro-zone news would quickly bring it down.

Today, traders will want to pay attention to a batch of euro-zone news which is likely to affect commodity prices. Positive data is likely to cause gold to extend its current gains. Furthermore, should the Fed signal any positive growth in the US economy at the beginning of their planned two-day meeting, gold prices may increase as a result.