The precious metal recorded a slight decline at yesterday session. The precious metal recorded a decline by more than 3% to reach the level of $1214 USD/ Ounce of gold, after the unexpected non form payroll today which came positive. It was expected that the non farm payroll would come by 165000, but it came by 195000 jobs.
The precious metal is under continuous pressure the positive NFP indicate that the Fed will end the Assets purchase program soon. The issue which could push, gold price below the level od $1200 USD/ Ounce of gold. The next, support level for gold price will be at the support level of $1150 USD/ Ounce of gold.
The precious metal could collapse if it goes below the level of $1150 USD/ Ounce of gold, from a technical point of view we will watch the level of $1215 USD/ Ounce followed by the level of $1200 USD/ Ounce. When we will reach the level of $1150 USD/ Ounce, we could watch a rush in Central banks to buy gold as a reserve.
Central banks are the only thing could affect the gold price and cause its rise again, after US starts its plan about the Assets purchase program, which could start soon because of all of the indicator indicate that the US economy is watching a rise.