Gold price technical analysis 3 – April, 2013 — Markets finally returned to its full strength yesterday after the expiration of the Easter holiday.
Gold /USD retreated to the level of $ 1573.85 USD/Ounce, which coincided that level of the direct support level $ 1572 USD/Ounce, as investors turned to the relative security, which is the U.S. dollar as concerns over the ongoing problems in the euro zone.
I Said on many occasions that the pair will remain under strong pressure during trading in the descending channel, and is something that we see Bodua on the daily time frame.
However, the change in the market (increase the strength of the U.S. economy and sharpen the desire to more traditional, such as U.S. stocks) I think that gold will decline even further. From technical point, the downward movement will dominate the general trends as long as prices continue to move in the down movement trend.
I think that the support at $ 1572 USD/Once will face a challenge today, and if this level is exceeded, will be the level of $ 1564 USD/Ounce is as follows. Closure without this vital support will begin the process of selling another could pull prices down to $ 1547.92 USD/Ounce.