Gold price technical analysis 17 – April, 2013 — the pair of gold / U.S. dollar close at a level higher than the opening price, as market participants began to collect profits near from the $ 1320 USD/ounce support level as was expected.
Gold prices reached to the level of $ 1321.53 USD/Ounce yesterday, it was the lowest level since January 2011, but bounced back to $ 1403 USD/Ounce. Now the pair is trading at $ 1374.43 USD/Ounce and a fixed prices during the Asian trading session today, as the enthusiasm of the movement of the panic that prevailed on Monday, had begun to fade.
When taking into consideration the fact that a pair of gold / U.S. dollar is suffering from increasing the strength of the U.S. dollar since the price reached its highest level in 17 months at $ 1795.52 USD/Ounce in the month of October 2012, the vision of decline around these levels does not seem very sudden. If the low prices attracted more buyers and thus helped the upward movement in the defense of the support level at $ 1320 USD/Ounce, it is very possible to see consolidation between $ 1320 and 1426 USD/Ounce.
If we were able to reach the level of $ 1426 USD/Ounce, it is possible to extend the pair movement toward the region between $ 1473 and 1498 USD/Ounce of gold, if you had any question about gold you can ask on @MElkirsh, you are welcome any time.