Gold price technical analysis 24 – May, 2013 — The pair of gold / U.S. dollar closed yesterday at a price higher than the opening price, but remained within the deliberative range for the last five days.
Gold has made some strength against the U.S. dollar despite the fact that data from the U.S. was better than expected. The report issued by the Department of Labor showed that initial jobless claims fell by 23 thousand , the Commerce Department said that new home sales rose by 2.3% at an annual rate of 454,000 homes from 444,000.
Markets are trying to accommodate the short-term effects of the certificate “Ben Bernanke” chairman of the Federal Reserve Bank on Wednesday. In the meantime, I think that the U.S. dollar will be heavily influenced by the stock and bond markets. Yesterday, the decline in USD / JPY and Nikkei index impulsive. It seems that Nikkei was flat during the Asian session, but I continue to monitor the main stock markets close. Could cause significant of correction in the U.S. stock markets and the Japanese lure some investors to return to gold. From the perspective of a daily, expect to see resistance at the area between $1400 – 1411USD/Ounce and support between $1376 and 1363 USD/Ounce.
We will watch un clear gold price by the last trading session today for this week. Take a short position watch the market flow, follow gold price in its trend which expect to see a down gold price, until any improvement in the US stock and the US dollar value.