Gold market have been intermingled, in gold trading sector due to the continuation of platinum and palladium in the presence of buyers. Because the fundamental outlook support both of them. At the same time, gold and silver may have seen some of the problems again, especially after gold spent 5 days tries and fails to overcome the resistance of $ 1695 dollars per ounce.
This led to a feeling of some traders who had continued buying gold to be disappointed and they are now reluctant to trade, Gold pushed to fall through important support at 1662 USD/Ounce, it is the rate of movement of two hundred days.
Ail Hanson,the head of strategy goods in Saxo Bank: “The fact that gold has failed on several occasions to the achievement of what is supposed to be the real level of resistance and which is now 1701.5, a line link between the highest levels reached in each of October and November – show us a story about the fading investor confidence because the outlook for global growth – particularly in the United States – had continued to improve”. The announcement expected a failure of the Japanese Bank, to provide any support and to leave the market now by a huge decline expected.
The U.S. economic data is the key near-term because of the continuous improvement that would raise the risk of abandonment of the U.S. Federal Reserve stimulus measures before the expected time. Still, community merchants who use various financial instruments or debt capital reserve starts, where the securities purchase more but relatively few, they had the expected levels cheaper to enter again. We feel that they may prefer to continue to wait until we move to above the level of 1700 USD/ troy an ounce instead of trading at the current levels where immediate prospects look uncertain again.