Gold falls to lowest level amid concerns of the Greek crisis

Gold price technical analysis 30 - May, 2013

Gold futures came under selling pressure during the great European trading Wednesday morning, down to the lowest level in the year to 2012, as investors continued to demand for the U.S. dollar amid growing concerns about political unrest in Greece.

In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for June delivery currently trading at 530.85, $ 1 per ounce during the early European trading, down by 1.7%.

He had been dropped earlier by 1.95% to trade at 526.95,1 dollars an ounce, its lowest level since December 29, 2011.

The futures contracts for gold is likely to find support at $ 1 510.45,1 lowest level since July 6, 2011 and resistance at 585.65, 1, the highest level since May 14.

Futures fell for gold since the May 6 election results in Greece, which put the future of the international rescue package for the country in case of uncertainty, which could result in the exit of Greece from the euro zone ..

And political leaders announced that the talks that took place on the Greek on Tuesday may have failed to reach an agreement to form a government after elections May 6 that have not given them any party a clear majority.

It was scheduled to Ajta Greek politicians later on Wednesday to the appointment of a transitional government to lead the country until new elections in June.

Almkhaolh has fueled the uncertainty on the outcome of n the next election speculation that the country will not be able to get more financial aid, which may lead to the exit of Greece from the euro zone.

The gloomy data that Greece had withdrawn as much as 700 million euros from banks since the election results.

Although the enhanced attractiveness of gold as a safe haven in times of economic instability, but the debt crisis in the euro area have reduced the demand for the precious metal.

And the impact of a weaker euro and dollar on the rise in gold instead.The euro fell to its lowest level in four months, new against the U.S. dollar, while the dollar index, which measures the performance of the greenback against a basket of six other major currencies, rose 0.37% to trade at 81.74, the highest level since January 16.

According to the participants in the market, gold prices Waaqid exposed to more selling pressure in the near future, imagine a technical center is uncertain where traders expect that the next support for gold would be at 523.1 dollars per ounce and then 510.1, dollars per ounce.

Some participants in the market that the big losses in stocks and other commodity markets in the quick sale of gold, as traders are forced to sell their stocks of gold in order to raise money to cover losses elsewhere.

Money managers to reduce the proportion of gold in their positions by 20% to its lowest level since December 2008 ..

In October 2008, gold prices have fallen by 18% because of the turmoil in global financial markets that led to losses in global equity and commodity markets. The precious metal rose by 23% in the next two months.

Elsewhere in the COMEX silver declined, delivery in July, 3% to trade at USD 27.23 dollars per ounce, the lowest level since December 29, while the decline in copper for July delivery rose 1.65% to trade at 3.459 dollars per pound, the lowest level since January 10.