Decline in global gold price with the rise of the dollar after Chines data

Gold price technical analysis 17 - June, 2013

Gold prices fell on Friday, with the rise of the dollar in the wake of Chinese economic data weak but the Gold is still in the process to gain the support of the weekly hopes that starts take steps to stimulate growth.

It fell in the spot market 0.5% to 1608.82 USD/Troy an ounce, but it is still on his way to a small weekly gains after rising the previous session amid hopes that China takes measures to stimulate the economy after data showed factory activity slowed unexpectedly.

Futures fell for gold in the United States for December delivery 0.5% to 1611.80 USD/Troy an ounce amid thin trade, and silver fell 0.8% to 29.51 dollars an ounce.

Platinum fell 0.7% to 1396.70 USD/Troy an ounce, while palladium down 1.1% to 574.50 dollars an ounce.