Gold falls amid growing global concerns

Gold price technical analysis 30 - May, 2013

Futures declined with gold on Friday, with industrial production index fell Italian, and German exports fell driven by concerns about slowing global growth, leading to a decline in demand for the precious metal. At the COMEX division of New York Mercantile Exchange, trading futures on gold for the month of August at 1580.75 dollars an ounce, or 0.45%.

Be recalled that earlier in the trading period gold record 1559.35 an ounce. Likely to have a gold support at 1559.35, and faces resistance at 1642.15 dollars. At another level of the New York Mercantile Exchange, fell for silver futures for July delivery rose 1.28%, to trade at 28.163 dollars per ounce, while the decreased copper futures for July delivery rose 2.36%, to trade at 3.291 per pound.