Although gold prices fell on Friday, but the market over the week is generally strong.
The pair of gold / U.S. dollar reached a high point at $ 1485.45 USD/ounce of gold, but the prices are reflected after encountering strong resistance sale at that point. In the previous analysis, I had mentioned that we will see the level of $ 1486 is formed on the chart before retreating and that the last parliamentary session for the week proved that the penetration of that region is considered essential for the continuity of escalation, but i think it will not take place in the market today.
When we taking into consideration the fact that even numbers very disappointing from the United States, can not help the upward movement to raise prices beyond the former support (which is now resistance), there is a possibility that prices trending will go down, now we had the end of the down ward channel is 1411 USD/Ounce of gold .
Consumer Preference Index from the University of Mhchigan / “Reuters” when 76.4 came during a study in April, down from 78.6 in March. The initial reading was at 72.3 for the month of April. The pair of gold / U.S. dollar close over the week directly at the level of $ 1455 USD/Ounce of gold, as the upward movement could found a support – $ 1444 USD/Ounce of gold. I think that the main level (down) that must be monitored. If the downward movement regained strength and moved prices below the level of $ 1444 USD/Ounce of gold, we will watch the levels of $ 1430 and 1411 USD/Ounce of gold.