The pair of gold / U.S. dollar closed the last session, at a price slightly higher than the opening price, but remained within the range deliberative for the last three days.
Gold prices has made some progress against the U.S. dollar, after a series of economic data that came weaker than expected from the United States, and that led to an increase in investors’ willingness to buy gold.
According to data from the University of Michigan, the Consumer Preference Index fell to 71.8 from 77.6. And said that the Fed index “Empire State” industrial decline to 9.2 out of 10. Recent price movement indicates that, market participants are cautious ahead of a meeting of the Federal Open Market Committee.
Of course, that the headlines related to U.S. budget negotiations will be under the microscope through this week. Although the minutes of the meeting last Fed showed growth in the debate in the Committee on reducing the size of the current bond-buying, President of the World “Ben Bernanke” and Vice President “Janet Ill” believe that the continuity of easing the need for a stronger economic recovery.
the trading pair of gold / U.S. dollar , are over $ 1598 USD/Ounce form a ceiling level of prices recently. If the upward movement hacked this barrier and got a close above the resistance area at $ 1604 USD/Ounce of gold, the most likely scenario is to see gold prices to test the level of $ 1613 and then 1625 USD/Ounce in the end.
but not in the near future because after today gold price rise if there is any positive data get from USA we will see gaining profits which will lead to the decline of gold price, to its previous level at $ 1570 USD/Ounce of gold