Gold price technical analysis 30 – April, 2013 — the Pair of gold / U.S. dollar began the gap week to its highest level, since the data from the United States last week reinforced expectations that the U.S. Federal Reserve Bank will remain active and maintains a program of asset purchases worth $ 85 billion per month.
Although the economic calendar looks extremely busy this week, investors in the gold market will be waiting for the decision of the Central Bank. If what we have seen a strong commitment from the Reserve Bank for the continuation of quantitative easing measures (ie printing money) in order to stimulate the economy, it is possible to find more upside movement of the support that it needs him to break through the strong resistance levels ahead.
With this into consideration, I will monitor the level of $ 1486 USD/Ounce of gold (the level of support / previous resistance) and the level of $ 1444 USD/Ounce, which could shape the short term rise channel.
Resistance area between $ 1444 and 1398 USD/Ounce will be crucial, and will be on the upside movement to defend well. Daily closing below this area will confirm that the downward movement controls on a pair of gold / U.S. dollar for more time. From the perspective of a daily, expect to see more support at $ 1430 and 1411 USD/Ounce.
Up, there is some resistance levels buyers must penetrate. However, in the case of upward movement seized control of the level of $ 1486, it is possible to see upward movement moving towards 1498 and 1505 USD/Ounce of gold before a downturn occurs.