Gold price technical analysis 28 – March, 2013 — the pair of gold / U.S. dollar closed the session on Wednesday for a higher price than the opening price after 3 consecutive days of losses.
The pair found support around the level of $ 1591 USD/Ounce and turned up after the two right to vote in the Open Market Committee Federal, they are: Prime Fed in Chicago “Charles Evans” and head of the Fed in Boston “Eric Rosenger”, stating that the Central Bank is going to continue in his great asset purchases until the end of the year 2013.
Gold also received support from the pending home sales data, that came weaker than expected. Although the general directional orientation remains pressed down, I will not ignore the fact that there is a good probability that gold prices will rise to test the dynamic resistance at $ 1616 and 1626 USD/Ounce levels.
Recent price action suggests that there is a war between upward movement, downward movement and has built up in the region between $ 1608 and 1591 USD/Ounce of gold, from the perspective of a daily look on gold market, the highest level of gold expected today if it rise will be at $ 1608 USD/Ounce.
gold price will be fluctuate in the downword movement $ 1596.70 USD/Ounce, Signed to see more support at $ 1591 and 1585 USD/Ounce. If the downward movement was able to drop to below $ 1585 USD/Ounce, for sure it will be no lower prices shortly thereafter.