Gold price succeeded in the short covering

Gold price technical analysis 17 - June, 2013

Gold price succeeded to cover some of its loses in Comex and in the Spot market, we watched gold price rise by an average of 1% to cover the previous loses.

Gold prise rise after the opening apetite of the chines investors today to buy gold after it touched its lowest level since 2 years, now we faced a lot of fluctuate in the market due to the selling of gold and buying the US dollar on the same time, we face a lot of buying rate from burgin hunter because gold price is very low.

Gold price received a support from the buying rate came from china, which also conceded by the weakness of the chines economy which had a declined, the buying rate from china considered as a bad indicator for the china economy which is reflected on the global economy.

we can say that gold price will rise in the future due to the increase of the decline in the global economy, Gold price is the most obvious indicator for the global economy when it rise it mean that the economy decline, and when gold price decline it mean that global economy rise in the normal case, but in the case we face now a days the decline in gold price came after cyprus decide to sell gold asset to overcome its crisis, to avoid geting out from the Euro area, if you had any question about gold you can ask on @MElkirsh, you are welcome any time.