Gold price technical analysis 5 – April 2013

Gold prise is pushed up by the Comex market

After three consecutive days of losses, it seems that a pair of gold / U.S. dollar has been proven its stability during the Asian trading session today.

The pair of Gold/U.S dollar continued to decline rapidly yesterday, and reached its lowest level since June 31, but gold regained some of its earlier losses at the end of the day, and the upward movement looks very weak.

In addition to the decline in demand for gold, the statements of some members of the Federal Open Market Committee, caused problems for the upward movement of gold. Prime Fed in San Francisco, “John Williams,” said: “Assuming that my expectations are economic expectation is right, I expect that we will succeed in the test on a great improvement in expectations in the labor market this summer. In that case, we can begin to reduce our purchases.”

Since the Federal Reserve Bank of connecting future fiscal policy at a certain rate of unemployment, the investors will often interested more on payrolls report of the non-farm sectors, which are scheduled to release later today. From a technical standpoint fully, the pair will remain Descending through the near future unless traded above the level of 1564, which was the previous support level. I think that this level is a strategic point in the upward movement must overcome if they want to stop the downward movement offers.

Settlement price will be this week a very important,If we finished the week below the level of $ 1547.92 USD/Ounce, it is likely to test the area between $ 1532 and 1530 USD/Ounce in the last week.

Ends below this area will mean that the next targets will be at $1522 ,1487  and 1444 USD/Ounce. Up movement, the first challenge will be waiting upward movement at $ 1558.34 USD/Ounce. If the upward movement was able to break the $ 1558.34 level, there will be more resistance at 1564 and 1572.