Gold price today technical analysis 11-2-2013

Burgin hunter is going to fix gold price or not?

Positive signs for the U.S. economy and the recent strength obtained by the U.S. dollar affected the attractiveness of gold as a safe asset. The pair continued to consider the level of $ 1685 USD/Ounce very resistant and difficult to overtaking, and is thus likely that we will remain stuck in the down channel with prices since the beginning of the month of October.

Although the chart for four hours produced signal regressive, but the upward movement was bent on buying on declines and protect the bottom of the $ 1660. For this reason, the pair will not take it really Descending even burn within the past week. If the pair could gold / U.S. dollar ends below $ 1660 USD/Ounce, will win the U.S. dollar in the first round and it will be possible to test the next support level at $ 1652 USD/Ounce.

Supposed to accelerate the penetration below the level of $ 1652 USD/ounce decline in gold, in that case, will be potential targets following at $ 1645.50 and 1640.50. With this, if it is able upward movement of the penetration level of 1685 and stay above it, will be very likely to see the pair defies the level of $ 1695.

The level of $ 1695 USD/Ounce the most important resistance level for me, and is located directly above the top range of the bearish channel, and therefore, the daily closing above that level will indicate that the upward movement is the dominant force.