The fate of gold XAU / USD set this week

Gold price technical analysis 17 - June, 2013

During the trading week, we expect the most important decisions of central banks around the world, and the beginning of the European Central Bank and the Bank of England, and finally the Federal Reserve Bank of the U.S., which will announce its decisions on the prices of public benefits in the country, in addition to the statement of each bank on monetary policy, which will a significant impact on the prices of gold, especially the issue of a new quantitative easing, both to facilitate the quantitative full or limited facilitate quantitative.

European Central Bank expected to cut interest rates public, but this will not have a significant impact on the gold, but more importantly, now have to wait if one will be announced two things, first, a program to facilitate the quantitative through the purchase of government bonds in the European Union, The second is the announcement of the program Tmila third European banks again. Been taken in the event of any of these decisions it will support gold prices again. But from the Bank of England, do not expect to have a significant movements and new decisions, because it has to announce further quantitative easing at its last meeting, and it is not expected to be announced more quantitative easing and buying assets at the previous meeting.

Finally, the U.S. Federal will be the engine is great for the markets and the biggest of gold, as we have seen over the last three months past, or U.S. Federal was reticent to talk about more quantitative easing, although the economic figures was referring to the importance of quantitative easing now, and that is why gold prices traded in a narrow range somewhat, but last week, gold prices broke this band with hints of the European Central more quantitative easing, which could also be a signal because the U.S. Federal further quantitative easing as well, and in these cases is possible to see more of gains in gold above the levels of at least $ 1650. The latter scenario is the lack of announcement of quantitative easing and I hope disappoint the markets with more liquidity, it will lead to the return of a new decline in gold prices to levels at least $ 1600.

Technically and as shown on the drawing, first broke the gold trend line low on the daily level, which was trading at levels of 1659 dollars, also continued to rise to penetrate the average 100 days on the daily level and stabilize above this average over the past week and the beginning of this week, and now, the levels Next resistance levels are based at approximately $ 1630, followed by levels in 1635 dollars, the existing levels of resistance to 6 – June -2012 past.