Gold price technical analysis 3 – June, 2013 — The pair of Gold/U.S. Dollar ended the week on the last friday on a slight decline. We can say gold price declined in the last week on a hope that, USA the world largest economy is watching a recover. Until the weak data from USA about the labor market which caused a rise in gold price.
University of Michigan consumer sentiment index rose to 84.5 from 76.4 a month earlier and Chicago PMI climbed to 58.7 in May from 49 in April, the issue which give the US dollar some support, but the weak chines data too lead the Asian market to buy gold as the safe heaven. The Federal Reserve could slow its asset buying in coming month, so we had mixed news today, make us sure gold price will record a fluctuate. But there is an increase for possibility of gold price to pass over $1400 USD/Ounce of gold. I think that $1400 and 1372.50 USD/Ounce of gold, will be the key levels to watch in today trading session.
If the Upward movement succeed to pull the market, so we had to watch the level of $1395 USD/ Ounce of gold, then we will be heading to $ 1411 USD/Ounce of gold, after this $ 1420 USD/Ounce of gold and that is the maximum level for gold price today with all my respect for other analysts. In the case of the improvement of the US economy we will watch a demonstrate from the U.S. Dollar over the gold market, which will lead to the decline of gold price, in the case of the downward we had to watch $1375 USD/Ounce of gold then $1370 USD/Ounce of gold.