Gold futures fall in a technical selling process

Gold price technical analysis 17 - June, 2013

Gold futures fell during the European morning hours on Thursday, after a round of technical selling sell orders at specific prices after gold failed to break above a key resistance level.

On the Comex division of the New York Mercantile Exchange, traded futures for gold delivery in February at $ 1681.05 per ounce during European morning trade, down 0.35% from the previous day.

And prices fell by  0.55% earlier in the session to hit its lowest level today at $ 1677.15 an ounce. The price had reached its highest level in a month on January 17 / January at $ 1696.25 an ounce.

And most likely you’ll find support of gold prices at $ 1647.05 for Onsh, the lowest price for on 8 January / January and the near-term resistance at $ 1704.35 an ounce, the highest price on 18 December / December.
Gold’s losses came after the upward movement failed to break the resistance at the key psychological barrier 1700.00 dollars an ounce, which led to the sell orders amid new signs on bearish chart.

Analysts have warned the market that the failure to break this level to the top refers to move back toward the level of 1650.00 dollars.

At the same time, investors continued to monitor political developments in Washington, amid concerns about how to address the country to reach the level of public debt to 16.4 trillion U.S. dollars.

The U.S. House of Representatives on Wednesday approved a bill allowing the government to borrow enough money to avoid bankruptcy for at least four months.

In place of the Stock Exchange Comex silver futures fell futures for March delivery / March rose 1.3% to trade at 32.01 dollars per ounce, while copper fell for March delivery / March by 0.15% to trade at 3.680 dollars per pound.