Gold price technical analysis 7 – June 2013 — Gold prices continued to rise yesterday. While the U.S. dollar fell broadly after the statements of the President of the European Central Bank which reduced concerns about European economies. World Bank President “Draghi,” said: “It is supposed to stabilize economic activity in the euro area to begin the recovery during this year, although by the pace of light movement to save the economy.
We will monitor closely all the developments to come, and we will be willing to act according to the data . “Selling excessive, take place in Nikkei of Japan and the pair of U.S. dollar / Japanese yen provided also support for gold. Main event of the day, will be clearly announced by the official figures for jobs. Including that expectations that the Fed is considering an early exit from quantitative easing during the policy meeting next pressing on a pair gold / U.S. dollar, I think that today’s report for the salaries sectors, non-farm payrolls will receive more emphasis than usual. today’s data probably will provide a hint about the bank’s decision Central on the program of quantitative easing.
Weekly closing above the level of $1414 USD/Ounce of gold will be significantly positive for gold prices. In that case, I will monitor the level of $1420, 1430 and 1442 USD/Ounce of gold . Down movement, Gold price could move to the level of support at $1400 and 1387 USD/Ounce of gold in case of any positive data could be released from the global market which i can not expect today.