Gold price technical analysis 8 – may, 2013 — Gold prices continued to fall yesterday as the upward movement failed to overcome resistance at the level of $1486 USD/Ounce of gold to get more power, to hack above the declining channel.
It seems that companies and major investment funds are hesitant to buy gold after the sharp decline that we saw last month, and that caused the breakthrough price of gold to a large consolidation area. From a purely technical point of view, breaking below the support level at $1532 USD/Ounce was a major breakthrough event, and therefore preferred big participants in the market to take short positions as we approach the strongest resistance levels.Because gold will rise today due to burgin hunter.
The Reserve Bank of Australia yesterday joined to the major central banks that follow the lax fiscal policies, but it did not help gold that much gold. prices hovering over the vital support level at $1442 USD/Ounce of gold directly. Since the pair of gold / U.S. dollar trading in unclear cloud. we can say gold price today will watch a temporary rise today. the first level we will monitor $1464 USD/Ounce of gold which i expect to reach easily today, we will watch a continuos rise and we will watch $1486 USD/Ounce of gold is going to hack or not .
The Dow Jones Industrial Average close over point of 15000, and the Nikkei index to 14250. Only the strong correction in the shares of the United States and Japan, it is possible to pay the money back to gold again. Technically, hack fixed above the level of $1486 USD/Ounce could cause the indicator to shift upward. In that case, I will monitor the levels of $1498 , 1505 and 1532 USD/Ounce. Down, I expect to see some support in the area between $1442-1438.5 USD/Ounce of gold. In the event this area has been compromised, and we landed below $1430USD/Ounce and it will not happend today , it will be likely to support at $1411 and 1398 USD/Ounce, and hack below $1398 USD/Ounce will confirm that the downward movement is the dominant force, but it is so far from us.