Gold price technical analysis 9 – May, 2013 — The pair of gold / U.S. dollar reached a high level at $1476.73 USD/Ounce of gold after changed its direction prices to the support level of $1442. The sudden Chinese trade data, which showed a strong improvement in shipments, helped in the expansion of the trade surplus to $ 18.2 billion during the month of April, and lured buyers back to the market. As a result, we have stayed within the deliberative range of the last eight days.
The gold market is slightly upward, thats what you can see when you look at the market for the first time. but the market is going to the downward movement because the process of gaining profit. we had un clear gold trend, the level for trading gold is between $1486-1442 USD/Ounce. When gold price hack above $1486 USD/Ounce so it will take the up ward trend, and when gold price hack down the level of $1442 USD/Ounce of gold, so gold price will take the downward channel.
The downward movement penetration to the level of $1442 USD/ounce of gold, in order to get more activity. If the downward movement has been able to succeed in its attempt to overcome this area, gold price will face support at the level at $1430 USD/Ounce and $1411 USD/Ounce. Up and that is not going to happend today, if gold price decide to be on the upward movement trying to break the resistance at $1486 USD/ounce, and after that I think they will have enough power to deal with the resistance level at $1532 USD/Ounce. In that case, expect to see resistance at $1498 and 1505 USD/Ounce. In today’s announcement of the jobless claims data, which is considered one of the data strongly surveillance, and thus can expect some volatility gold price.
finally in forex market you can work on selling gold because we will watch a decline in gold price today, in any other market keep away from gold.