Gold down under the pressure of weak data

Gold price technical analysis 30 - May, 2013

Gold was under pressure on Thursday after disappointing data on both sides of the Atlantic have fueled concerns about global growth as investors awaited the decision of the European Central on interest rates later in the day. The dollar rose slightly against a basket of currencies as concerns about overturned the euro zone economy tottering concern about the effect of easing the driving force of recovery in the U.S..

The pressure rise in the dollar-denominated commodities, the U.S. currency, including gold. Said Lynette Tan, an analyst at Phillip Futures in Singapore, “with the potential for ignition debt crisis of the euro zone again can be seen some pressure on gold if the dollar rose.” “The investors are still confident so far largely in the U.S. economy for the data we’ve seen very good over the past few months and the numbers last night will not affect much on the market.” A report states. De. Me for employment on Wednesday said U.S. companies added in April, the lowest number of jobs in the seven months before the release of jobs data in non-oil sector important for April on Friday.

Spot gold fell 0.4% to 1648.81 USD/Troy an ounce by the time 06:27 GMT, extending losses from the previous session. The contracts also fell U.S. Gold 4.0 percent to 1647.70 dollars an ounce. The price of silver fell in the spot market 0.6% to 30.45 dollars an ounce, platinum was also down 0.02% to 1556.69 dollars and palladium 0.04% to 665.70 dollars USD/Troy an ounce.