Gold price today technical analysis 12-2-2013

Gaining profit take place in the market before the US data

The pair  gold / U.S. dollar hack and ends below the halfway line ($ 1652) of the large scope of consolidation (approximately between $ 1525 and $ 1795), in which confined the pair for more than 70 weeks.

In previous analyzes, I had referred to the importance of the support level at $ 1660 USD/Ounce and which was the bottom line for the support that kept the pair in consolidation during the past eight days. It is not surprising that the pair accelerated the process of decline after Akhturguna this important support level.

Prices reached to $ 1644 USD/Ounce and bounced back to $ 1652 USD/Ounce in order to re-test for the level as a resistance level. gold will not rise in the near future due to the ability of the US dollar, we will wait for gold to pass the down channel by the end of march.