Gold price technical analysis 25 – February, 2013, Gold / U.S. dollar retreated during the week, where he received the U.S. dollar on the widely force.Technical selling pressure increased significantly after the pair broke below the level of $ 1625 USD/Ounce.
The level of $ 1625 USD/Ounce, which has also covered the prices during the last summer was an important level for many technical analysts, and as a result, continued gold prices retreat sharply and was also able to hack below the bottom line of the bearish channel which moves the pair moves in since October 2012.
In addition to the technical picture strongly moved to the downward channel, the concerns about the Federal Reserve Bank of amending the pace of asset purchases monthly, provided enough power for the downward movement to the block level low for the month of July 2012 at 1555.
For the third consecutive week, traders speculating in Chicago Mercantile Exchange (CME) have cut their positions long net, as data showed the “Committee for futures trading of commodities” (CFTC) on Friday, cementing expectations that the pair is preparing to drop more .
Pattern on the daily chart indicates that the pair of gold / U.S. dollar will see some consolidation between 1605 and 1555 almost. Higher, there will be resistance at $ 1587, $ 1597.77 and 1604 USD/Ounce. If they fail upward movement in raising prices to above $ 1604 USD/Ounce, it is likely that the pair will re-visit the support at $ 1555 USD/Ounce.
From a daily perspective, we can find support at the bottom at $ 1570 and 1563.60 USD/Ounce. Hack below the level of $1555 will boiled indicates that upward movement will not give up before we get to the bottom of the large area of consolidation that happened to be at 1530/25. If what has been a breakthrough support at this level, this is a matter the start of a major sell-more serious.
Will be the focus this week on the Fed Chairman “Ben Bernanke” again. Participants in the gold markets will be looking to get clarification from the last minutes of the meeting the Federal Open Market Committee when he presents Mr. “Bernanke” testimony before a committee of Congress on Tuesday and Wednesday.
we will watch a slide rise today for gold price to reach the level of $1600 USD/Ounce