Friday was an extraordinary day for the gold markets where the price of the commodity rose to $ 50. It seems that the European Union brought nothing satisfies its markets, while the Spanish banks and they look at the gates of profit, that the “risk” business is still vague at the moment. This of course leads to more buying of gold, and thus increase price of the commodity has increased sharply, reaching the level of $ 1600.
1640 level, which we consider more than a huge resistance needs to be overcome. With this explosion-like rise of the unit, very likely to see sustained upward trend in this market, followed by the withdrawal could come during the day or the next two days. For this, we are very cautious of buying gold that we want to be on the point of purchase. In fact, even if the daily closing below $ 1500, do not see any reference to the sale.
Gold prices over the past week
I got gold markets on Friday to push very strong, coincided with the agreement of the members of the European Union on the basic scheme aims to maintain the viability of European banks meet their debts. This led to a “risk” in the buildup during the session on Friday, which in turn saved the week.
Remains even now the level of 1550 dollars supportive, and may extend down to the level of $ 1500. With this, there is a descending triangle, this commitment must be wary of any gatherings in this market. Skip the level of $ 1650 is a reliable function of the fact that the pace of progression. Clear that we got on Friday to boost, but we know that these catalysts are unstable and are not fixed. Accordingly, we are the bottom level of $ 1500, or higher than the level of 1650 dollars.