Gold rises supported by a quantitative easing in China

Gold price technical analysis 17 - June, 2013

Gold futures rose on Thursday backed the possibility of incentives to do more than China, but gains remained limited in light of uncertainty over the ability to make monetary easing measures elsewhere in the euro area and the United States -.

In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for October delivery at 616.45, 0.1 dollars per ounce during the early European trading, up 0.16%.

Gold futures contracts were likely to find support at 608.50, 0.1 dollars per ounce. Lowest price on Tuesday. And resistance at, 625.90 0.1 the highest price since July 30.

Earlier in the day, official data showed that consumer price index in China rose 1.8% year over year in July, slower than the average by 2.2% from the previous month, indicating that China’s central bank has more room for the application of the policy cash constraints, Following the reduction in interest rates in June and July.

And also boosted investor confidence after official data showed that the Australian economy added more jobs than expected in July, while the unemployment rate fell unexpectedly.

It also supported the gold speculation that the ECB will reduce borrowing costs rise, Spanish and Italian next month.

Trade remained quiet as investors waited for more details about the program to exit.

In the United States, kept the comments by the head of the Federal Reserve in Boston, Rosengren earlier in the week, speculation Ba possibility of further mitigation action by the central bank in the United States.

Rosengren said should Aatalaq a new round of quantitative easing in any size and any length to stimulate the economy again.

In the meantime, it seemed the actual demand from India, the most important consumer of gold in the global world, before the start of a slow clown gold due to poor rains and the weakness of the rupee, which pushed domestic prices.

Elsewhere in the COMEX silver rose for the month of September increased by 0.19% to trade at 28.130 dollars per ounce, while copper for September delivery rose 0.24% to trade at 3.430 dollars per pound.