Gold price technical analysis 11 – June, 2013 —- Gold has made some gains against the U.S. dollar during yesterday’s session. But the market still feel, by the downward pressure of the U.S. labor report last week. Encouraging Data, reinforced expectations that the Fed could start the reduction of the asset purchase program. The downward movement was controlled on the market, since the prices reached $1795.75 USD/ Ounce of gold during the month of October 2012. Although the physical demand for gold has risen recently, these purchases can not reflect the medium-term pattern. From the point of consider , the weekly market movement and the daily moves, indicate that the downward movement got a larger size and more power.
During the past two weeks, the a pair of gold / U.S. dollar was trying to hack the resistance level at $1420 USD/ Ounce of gold, but each time they occur weekly settlement below the support level at $1400 USD/ Ounce of gold. I can see a lot of resistance levels at the front and will be on the upside movement to fight fiercely in order to overcome these barriers.
If the upside movement want to prove that, it had the strength to control the market. If it prove that it control and pull, the price to just above the level of $1430 USD/Ounce we can watch the stability in gold market, But for now. I think that buying gold will continue to be a dangerous game. But, short position traders must monitor the resistance levels between $1387 and 1400 USD/Ounce of gold. If gold managed to penetrate this region, it is possible to be resistance at $1408, 1413 and 1420 USD/ Ounce of gold.
My dear gold investors, I want you to be sure that, Gold price fluctuate will not be ended soon, Take short position, Monitor the level of $1380 USD/ Ounce of gold. ( Keep away from gold market ).