ِAfter a series of continuos decline of gold price, Gold price recorded a rise today. We can see a rise by 0.97% at 12:53 NY Time to reach the level of $1391.60 USD/ Ounce of gold at the Spot market. But what cause this rise of gold price today?
U.S Dollar stil the only controller of gold price
There is two obvious reason behind the rise of gold price. By the beginning of trading in USA, we watch a decline in the U.S Dollar. It was the first obvious reason a decline in the U.S dollar by 0.31, the issue which support gold price. Investors were pushed to gold by the decline of the U.S Dollar, so we can get that, the rise in gold price market is temporary action in the market. According to the good steps of the US economy improvement, I said that the decline in the U.S Dollar is just a short action in the market and the rise in gold price is also a short action penetrate the market.
Burgin hunter control gold market
There is a second obvious reason behind the rise of gold price, Burgin hunter, which made a short covering process in the market. We can say that the buying happend in gold market, is technical buying. Because of the low gold price in the market. It was a good chance for burgin hunter to get inside in the market, especially by the low gold price at the level of $1379 USD/ Ounce of gold. But this rise is going to continue? the only for this rise of gold price to continue, is any weak data from USA. Any thing else will not affect gold price and we are going to watch another decline in gold price soon. Due to gaining profit of gold, which is expected, when gold price pass the level of $1400 USD/ Ounce of gold.
Overview on gold market and Investor tips
By a total look on gold market, we can say that Gold price still in the same narrow deliberative level, of $1370 up to 1410 USD/ Ounce of gold, which we will be stuck in until any financial crisis face the world.
Gold investors face some fluctuate and lose, especially small investors. But also smart investors could gain profit. Because of the narrow trading range we are in. The narrow range for fast profit is so great for medium and small investors. You can gain profit fast and the market is easy to be expected. By any change in the U.S Data we can expect the next trend for gold price. For today follow the market flow and keep an eye on USA.