Gold price technical analysis 15-3-3013, Last week, gold try to penetrate the down channel on the last week but gold price failed to do it.
I said many time ago that the resistance at the level of $ 1685 USD/ounce it was difficult for the progressive movement and the pair of (gold / U.S. dollar) will remain in a descending channel, the price of gold did not get out the descending channel only twice times since the last october.
Hovering prices now a days on the lowest level for January 04 at $ 1625.64 USD/Ounce, and although I expect that gold prices will find some support at this area in the short term, there is a chance to see the pair fall more, falling to the bottom of the channel.
Prices have difficulty in the area between $ 1620-1615 USD/Ounce many times during the summer of 2012, so you will need to downward movement to a lot of work in order to penetrate the bottom. This area will be the key to continuation of the bearish move, and as soon as the pair to withdraw below this level, I think we will get to the level of $ 1590 and $ 1585 USD/Ounce at the end. If the upward movement was able to protect the level of $1625.64 USD/Ounce and reflected prices, will be a new resistance point at $ 1635, $ 1640.50 and $ 1645.60 USD/Ounce.