Gold sudden drop $ 1680 an ounce

Gold price technical analysis 30 - May, 2013

Gold prices dropped to below 1680 USD/Troy per ounce yesterday, andhad fallen the day before yesterday from the highest level in two weeks, with the decline of momentum excreted by expectations offurther monetary easing by the United States, after continued yellow metal without a key resistance level.

Gold dealers and sold for a profit after faltering below $ 1700 an ounce on Tuesday, and await a new U.S. data to determine the direction. Thespot price fell to 0.2% went to 1676.69 USD/Troy an ounce at 0931 GMT.

The metal is still in the process to achieve the best performance of theWeekly since late February, after he suggested the Federal Reserve(U.S. central bank) that the continued policy of monetary easing will be necessary to support growth and reduce unemployment. Silver and settled at 32.48 dollars per ounce.