Gold prices enter an open rally

Gold price technical analysis 30 - May, 2013

A recent report by gains from the beginning of the week and reached a value of $ 1640 last Wednesday, the impact strength of the euro against the dollar, at a time when prices of precious metals more volatility in the ups and downs during the week, the impact of negative news and the positive global stock markets cast red and green in color.

The report, prepared by the Department of alloys with a Emerald that gold has suffered in the last week of the negative consequences of labor market data, unemployment and helped the weak dollar support received by the euro area EU official confirmation consolidating the euro countries, and not to abandon the European Union for Greece.

Despite the fall in gold more than once at the level of $ 1,500 in recent months, however, expectations of price rises towards its peak earlier in 1921 dollars that have been made in September 2011 remained constant, indicating the stability of prices above $ 1,600 next week that the correction phase has ended and the wave of landing achieved purpose them and the road to rally prices again open to the sky with yellow metal and can be achieved in a shorter period than expected in the case of approval, to facilitate the quantitative third may go these expectations in the opposite direction and see gold under 1550 dollars in the case of starting operations directed by Greece of the euro area.

And went a direct correlation with the euro, where the work of glitter gold from the beginning of the year to climb with all the gains for the EUR and made condoms gains of $ 20 for the start of the week to reach the level of 1640 dollars on Wednesday, but the benefit Bernanke and rating agencies muddied trance rise of the euro and as a result fell below 1.25 against the dollar and, similarly, has achieved gold biggest loss since April this year by $ 80 were not words of Bernanke about the need for quantitative easing vague main reason for the decline in gold as profit taking and short selling was a supporter of most of falling prices and the witness of this is that buying back strongly prices towards the level of $ 1600 before the closure and is unlikely to see gold moving in this range (1650 to 1550 dollars per ounce) during the remaining days of the month of June because of the tension still controls the appetite for investment and negative news always covers the positive data and the eyes looking forward in the coming days to result Greek elections on June 17 and the meeting of the Federal June 19 plus the value of aid to Spain the fourth European country to receive aid after Ireland, Portugal and Greece.