The pair of gold / dollar trading at a specific points since prices rebounded from the level of $ 1320 USD/Ounce of gold.
Although the price of gold made a progress during the two days, we are still stuck in a relatively small range during the Asian trading session today. During the past seven months, had the largest impact on gold prices were expectations that the Fed will rethink its program of quantitative easing and ease of asset purchases, which is at $ 85 billion a month in sometime this year.
Revealed “Beige Book” Federal Bank’s yesterday that “residential and commercial real estate has greatly improved and that the majority of counties have seen increases in industrial activity since the previous report.”
Besides improving economic data from the United States, the decline in the Chinese economy put pressure on gold. As the Chinese gold consumption plays an important role in this market, the disappointing numbers from China could increase the downward pressure.
Currently, I can see strong resistance at the level of $ 1397 USD/Ounce of gold, and therefore the upward movement will be to penetrate this level in order to get enough power to test the next barrier at $ 1411 USD/Ounce. Beyond that, expect to see strong resistance at $ 1426 and 1440 USD/Ounce of gold in the next few sessions of trading gold.