Gold price traded last weak at a high level, in which gold price last weak reached $ 1690 USD/Ounce of gold, followed by some technical selling process to starts a strong strokes for gold price, to made the gold record a low rate in trading after excessive selling technical process to record $ 1655 USD/Ounce of gold.
It is the main factor that pushed the investors in gold section and hunter burgins to re invest in gold, especially after positive US employment data, which rose the hope in the global economy to develop soon, followed by some expectation for gold to pass the average of 1700 USD/Ounce of gold.
Gold price starts to rebounded yesterday to cut the consecutive declining session, in which gold price today record in the Spot market $ 1665 USD/ Ounce of gold, it is expected for gold to rise again in the next few session to reach the level of $ 1690 USD/Ounce of gold, in case it did not effect by the current European events and protesting wave in Europe, and if there is not any negative data announced from the Federal bank committee which will end today .
Gold prise could reach a new level if it succeed to pass the area of $ 1695 USD/ Ounce and made a new resistance point which it is expected by the end of february, to record $ 1700 USD/ Ounce of gold, but it concerns by the US dept crisis, analysts expect that US could pass the dept crisis which give us a hope in Gold market to reach new levels of trading, gold could reach more especially by the expect new rally between central banks to buy gold ounces, to over come the expected global financial crisis, which mean that gold could be the safe heaven for investors and central banks.
All of the above depending on the stability of political condition in Euro zone and US.