Gold price technical analysis, 19 – April, 2013

Burgin hunter is going to fix gold price or not?

After intermittent session the pair of gold / U.S. dollar closed today at a higher price, where low prices continued to attract Asian buyers.

In addition to the increased demand for physical gold, the coverage of short positions ahead of the Group of Twenty meeting helped the upward movement in the defense of the support level at $ 1333 USD/ ounce. yesterday indicate that the downward movement lose its capacity, at least until now. Although I do not expect another big drop in the near future, but I think that we will eventually get to the level of $ 1266 USD/Ounce of gold, sooner or later.

Of course, that way they will act (( the Federal Reserve Bank)) have a significant impact on the gold market. In the meantime, I will pay attention to the major stock markets. Big correction, especially in the U.S. stock and Japanese, are likely to be supportive for gold prices in the short term. Key levels should be monitored today will be $ 1398 and 1363 USD/Ounce of gold. In case of upward movement was able to hack, I will monitor $ 1411 and 1426 USD/ounce of gold and i think that gold price will do.

There is a strong resistance zone stretching from $ 1426 up to 1455 USD/Ounce. If we got there, I will search for signs of fatigue in order to take a short position. With this, if they fail upward movement in the penetration level of $ 1298 USD/Ounce of gold, this may turn into a dotted area and strong resistance to pay the prices to the level of support at $ 1363 USD/Once. Hack Down this level will indicate that we are heading to the level of $ 1333 USD/Ounce of gold again.