Gold price technical analysis 15 – April, 2013 — the pair of gold / U.S. dollar passed over an interesting week, as the price has finally hacked below the support level at $ 1532 USD/Ounce, and that was the bottom of the huge support area. Gold prices move in this rectangle for more than 80 weeks.
As a result, the hack without the level of support which dominate over this market since September 2011, began selling large through Friday. The pair traded at low level at $ 1480.04 USD/Ounce, a level which did not reach him since the date of July 1, 2011. Although this situation is descending too, and refers to the probability of the arrival of a large correction on the way, but it is possible to see a rebound before heading down.
Technically, when the penetration resistance line or the strong support level became known, it is possible to respond to the market and to re-tested before going in style. Possible that the availability of such retreats good selling opportunities in this market. If the downward movement continues to control the prices of gold, based on standards, will be a short-term goal at $ 1446.50 USD/Ounce. On the way down, expect to see some support at $ 1478 and 1476 USD/Ounce. In the long term, I believe that the ultimate goal for the downward movement will be at $ 1325 and 1266 USD/Ounce.
As for the purchase, I can not see any reason technical or material to do so, Seems that gold prices will remain under pressure amid expectations that the Fed will end its asset purchase program at some time this year. If the price found support at these levels, and turning to the top, there will be resistance at $ 1500 and 1513 and 1532.50 USD/Ounce of gold.