Gold price rebound at the spot market to the level of $1394.40 USD/ Ounce of gold by a rise equal to 2.50% at May 20, 2013 16:26 NY Time. Gold price had rebound from its lowest level which had been recorded in the early trading of gold on Monday.But why gold price returned to rise?
Gold price had decided to rise due to the support from the Burgin Hunter which had entered the market, the decide to enter because of the low gold price which attracted them to return for the market. we can consider the high buying ratio is a technical buying process which took place in the market.
The decline of the US dollar had support the buying of gold, the issue which lead to the rise of gold price back again. But the question, Gold price is going to continue the rise or we are waiting to watch gaining profit?
When gold price succeed to reach the level of $1411 USD/Ounce by the end of tomorrow session, so we are going to watch another sharp decline by the end of the week. But if gold price is going to rise slightly starting from tomorrow, so the gaining profit from gold is going to take more time but it is going to take place in the gold market.