Gold price technical analysis 25 – March, 2013 – Although the pair of gold / U.S. dollar settled at a lower level during the deliberative last day of the week, the weekly candle was turned to positive.
Gold rose 0.6% during the week as the Cypriot crisis increased the desire to buy the gold as a safe heaven, which is relatively safe. With this, continue the upward movement in suffering because of the immediate results to increase the strength of the U.S. dollar. Recent data issued by the United States continue to indicate that the economy on the trajectory to recovery.
This pair is limited in scope since the movement that pushed prices upward to above the level of $ 1602 USD/Ounce. The pair continues gold / U.S. dollar in trading within the rising channel, followed by the market since March 8, but the upward movement faces difficulties in penetrating resistance at the level of $ 1616 USD/Ounce. Each time where prices go up there, enter the downward movement and increase the pressure.
There will be more support at $ 1598 , 1593 and 1585 USD/Ounce . if gold ends below $ 1585 USD/Ounce will indicate a real shift in momentum to the bearish movement, we will watch the return of gold to the down channel but faster this time, for all of gold traders you can follow and ask about gold price on my account
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