Gold price technical analysis 19 – March, 2013 , the beginning of the week watched a upward gap, where the disappointment on the rescue plan for Cyprus increased by the desire to diversify into safe-haven assets. As part of the plan, depositors will have to pay tax to contribute to the rescue.
Yesterday, trading the pair of gold / U.S. dollar at the height reached to $ 1611.11 USD/Ounce of gold after the euro zone’s decision, concerns about financial stability in the region, but prices fell to the level of $ 1604 USD/Ounce during the Asian session.
Forward, participants will focus on the market meeting Fed policies, which lasts for two days beginning today. Both “Ben Bernanke” and “Janet Yellen” They were clear that the central bank will keep the asset purchase program until the outlook improves the labor market significantly. (Eg: monthly growth including more than 200 thousand jobs for a period of 6 months).
Recent upbeat data raised expectations that the central bank might reduce the asset purchases sooner than expected. Things seem to be moving in the right direction for the U.S. economy and in the end it will be more difficult for the Fed to maintain Preference facilitate intense, but I think it is too early to expect a change in perspective.
In the up ward movement, I expect to see some resistance at the level of $ 1613 and 1625 USD/Ounce, which is a major area should be monitored, and since the price has fallen several times here in the past. If the downward movement began controlling the pair of Gold/USD and prices began to fall, expect to see support at $ 1598 and 1585 and 1572 USD/Ounce.