Gold price technical analysis 3 – May, 2013 — The of gold / U.S. dollar is trading in the middle area between of $ 1795.75 USD/Ounce and the level of $ 1321.52 USD/Ounce of gold which is the highest trading point this and the lowest point gold did not hack above or down the both point.
Price confined to in the deliberative narrow range during the past six months, as the gold price continued in the face of sellers around the level of $1486 USD/Ounce and buyers entered the market at the level of $1444 USD/Ounce. Although the weekly jobless claims data in the United States were better than expected, there is a growing concern that the Fed will not slow down or stop the asset purchases before the end of 2013 and the price of gold currently supported by the Fed decision.
there is still some space for the pair of gold/U.S. dollar to rise, but again, it will be the key level at $1486 USD/Ounce. If they intend to move upward movement, the close above the resistance level of $1486 USD/Ounce will be necessary to get enough strength to overcome the levels of $1498 and 1505 USD/Ounce. Close above the level of $1505 USD/Ounce will indicate that a pair of gold / U.S. dollar may extend its gains farther. I wish to see that level today but i think its hard to happened today but might be in the near future.
However, there is strong resistance levels after that and I think that buyers will suffer to reach beyond the area of $1532-1550 USD/Ounce of gold and that happens to be the bottom of a large consolidation area earlier. If the downward movement defend the strong level of $1486 USD/Ounce and the pair began to retreat, it will be the support level of $1444 USD/Ounce is a key level, in the event of override this Almsttoy, I will monitor support at $1430 and 1398 USD/Ounce.It will not take place in the market today, but if it happened it mean that there is an improvement in the non Agriculture sector in USA.