Gold new resistance point


Gold price recorded a rise by the end of the trading session last Friday, in which it closed on the level of $1284.80 USD/ Ounce, while it started the trading session at $1208 USD/ Ounce.

In the last week, gold was stuck in the narrow trend between $1208 and $1240 USD/ Ounce, until the FOMC announcements which came by hopes for the yellow metal. The Fed decided to postponed the new policy of ending the Assets purchase program, until some more positive results about the US Labor market improvement, the issue which will made a new resistance point temporary at the level of $1300 and 1311 USD/ Ounce, any negative data from US labor market will case the rise of the Gold to over $1311 USD/ Ounce targeting the level of $1322 USD/ Ounce as the next target level.

Gold price is in a flat area, in which it lost in the last 30 days more than 7.50%, it is old resistance point for the last month was the point of $1400 and $1411 USD/ Ounce. The new point for gold now is $1311 USD/ Ounce of gold. The US labor is going to control the Gold price for the next month trading. Any improvement in the US labor market gold will target again $1240 USD/ Ounce of gold, Then the level of $1200 USD/ Ounce as the next support level.