Gold price technical analysis 2 – April, 2013 – the pair of GOLd/USD closed yesterday at a slight decline under the average of $ 1600 USD/Ounce of gold but most of expectation for gold price was to rise, we watched a surprise in gold price by a huge decline in which gold slip the average of $ 1600 USD/Ounce of gold.
the pair of gold and the US dollar affected by a huge technical selling process to control gold price, there is not any reason for gold price except that there is Investors want to control gold price to make a future gaining.
Gold price watched a support level at $ 1573.00 USD/Ounce, if gold price during the trading get down this level we could taste the level of $ 1560 USD/Ounce of gold.
Gold market will watch a fluctuate during the next few days, the expected range for gold price in the Spring will be between the level of $ 1560 and the 1625 USD/Ounce.
The relation between the optimism about the US economy and gold price is clear now, more optimism about the US economy followed by a decline in Gold price.
if gold falled this week to pass the level of $1600 USD/Ounce, we will watch a bleeding in Gold price. IF you want to ask any question about gold price, @MElkirsh you are welcome any time.