We had watched the precious metal records a rise by the early trading today, to pass the level of $1260 USD/ Ounce, but by the beginning of the US trading, gold price starts to decline by the effect of the US dollar.
The yellow metal starts to record a rise after the weak chinese data, the issue, made the investors search for a safe investment, and they headed toward gold. The rise in the gold price continued by the European trading. Gold price in the Stock exchange of London closed at $1260.75$ every thing had turned upside down after the US trading day starts. The US stock markets record a rise followed by the rise of the US dollar, the issue which support gold price decline. Gold price in the Spot market recorded at 12:47 New York time recorded a decline by 0.47% to reach the level of $1246.70 USD/ Ounce of gold.
We can conclude that the gold price hard resistance level is $1300 USD/ Ounce of gold. It is expected that the gold price needs a support to reach the level of $1300 USD/ Ounce. The only matter could support gold price to pass over the level of $1300 USD/ Ounce is negative data from USA. FOMC announcement on April supported the US economy, the issue which added more pressure over the gold price and stick it to the down trend.
A disaster is waiting for gold if it continued on the same level because gold production is increasing it is expected by 2014 that the ounce production will reach $1300 USD/ Ounce of gold, the issue which could end gold legend.