Gold loses gains after Fed Chairman’s speech in U.S.

Gold price technical analysis 30 - May, 2013

economic report said today that the specialist gains gold has increased by 3 per cent after the announcement of the U.S. Federal Reserve pumped his intention not to facilitate the quantitative third package to support the economy. The report issued by the Group (Emerald) for jewelry that investors were surprised last week when the president of the Federal Reserve Ben Bernanke in his country’s desire not to pump any money the U.S. economy, which has seen a continuing recovery from the crisis that has suffered from them for 4 years.

He noted that the U.S. dollar after a speech Bernanke rose strongly to its highest level since 9 months against the yen and the euro has made prices of gold fall by more than 3 per cent in one week, shedding more than $ 100 before closing trades, and touching the level of 1690 dollars per ounce. He added that the gold returned to offset some of its losses strongly effective demand he settled above U.S. $ 1700, ending trading last week at 1709 dollars per ounce, explaining that this is a clear sign for the stability of yellow metal no matter how increased pressure on him. He explained that the current prices are real prices to enter the market but are purchasing prices good for those who missed the train to reap the profits of last week: “In spite of this decline is still higher than the price of gold prices this year to $ 150.

The report confirmed that the price above ounce level of $ 2000 before the end of the year was “not improbable” and in conformity with the global economic situation tense of the debt problems of Greece and the uncertainty surrounding the U.S. economy next lower bank interest rates to help liquidity to escape from the financial markets to the precious metals market. And prices of silver, the report said it was more severe in their movements for the rest of the precious metals benefited strongly from the improvement in the European region at the beginning of last week, making it jump by 6 percent from the opening price to exceed the highest rate since five months at a level of 4.37 dollars per ounce.