Gold jumps above 1640 dollars

Gold price technical analysis 30 - May, 2013

Gold prices jumped to 1640.99 USD/Troy an ounce. It fell more than 1% in the previous session as oil prices push down prices of the precious metal to record the biggest drop for a single day in a month. Theaccelerated loss of yellow metal investors and reduce some bets on the rise of gold with the dashed hopes of further monetary easing in the United States. And exposure to the gold pressure after disappointingdata on both sides of the Atlantic have fueled concerns about global growth. Said Lynette Tan, an analyst at Phillip Futures in Singapore: thepossibility of ignition under the debt crisis of the euro zone again can be seen some pressure on gold. He added, investors are still confidentuntil now largely in the U.S. economy because we have seen very good data over the past few months. The price of silver fell in the spot market 0.6% to 30.45 dollars per ounce and platinum fell 0.02% to1556.69 dollars and palladium 0.04% to 665.70 dollars an ounce.