Gold price technical analysis 1 – April, 2013 – Gold prices settled at $ 1594.33 USD/Ounce of gold, down 0.8% during the week. Concerns about the crisis in Cyprus and the political impasse in Italy, offering a support for gold price rise, but upbeat economic data from the United States continue to be a major problem for the upward movement of gold Prise.
As a result, the pair of Gold/USD bounces between $ 1608 and 1591 USD/Ounce since the beginning of last week, according to reports issued on Friday, the index rose by University Mich. consumer sentiment to 78.6 from 77.6 and consumer spending rose by 0.7%. Now the question is: Are prices will remain confined to this area, you will see traders breakthrough soon?
Despite what we lack as a catalyst for the strong penetration in any direction, I think that the market will give us a signal this week. With the Easter holiday, it is very likely that today’s trading will be light and this could keep the market flat at the end of trading for gold price.
I think that the falling channel of trading the gold in market since the month of October will continue to be our guide. In the meantime, key levels that should be monitored border consolidation will be the last ($1608 and 1591 USD/Ounce). If the upward movement was able to push the pair to above the level of $ 1608 USD?ounce, I think we will get enough power to test resistance at 1616 where the bottom Gemat meet Aichemuko with horizontal resistance line. After $ 1616 USD/Ounce there will be more resistance at $ 1625.64 and 1635 USD/Ounce.
But if the U.S. dollar resumed upward inclinations, while prices fell to below the support level at $ 1591, there will be more support at 1585 USD/Ounce, and ends below this level will increase from Dat sale speculation and opens doors to $ 1572 or even 1564 USD/Ounce, keep away from the market and watch the US dollar.