Gold price technical analysis 10 – April, 2013

Gold price technical analysis 30 - May, 2013

Gold has progressed on the expense of the U.S. dollar and covered losses on Monday, as the rising tensions in the Korean region supported gold as a safe asset but it could end today.

Gold prices also get support as well as increased expectations that the central bank of United States will continue to buy assets to accelerate economic recovery in the near future. we watched a trading level above  $ 1585 USD/Ounce indicates that the upward movement re-gain some strength. This was a top-level the previous consolidation area and that we have seen during the first week of March.

Participants in the market will focus on the last meeting of the policy development in the Fed, and thus will be a narrow parliamentary movement until the announcement of this record. If the activity continues upward, the resistance may be at $ 1591, 1598 and 1608 USD/Ounce. If the pair faced strong resistance which is expected today for gold price and reversed, expect to see support at $ 1580, 1572 and 1564. Ends below 1564 USD/Ounce could be a confirmation that activity turns back into ascending channel, so gold price will focus a decline in the trading.

  • Iftikhar