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05.12.2012 16:24

Gold prices continued their downward movement

The price of gold continued to fall, updating the yesterday's low, down with below $ 1690, which was caused by a stronger dollar, as well as technical pressure.

Note that the volume of sales increased as prices for the precious metal fell below its 100-day moving average at $ 1,698 an ounce, as well as the breakdown of support at $ 1,690.64 per troy ounce.

Also pressured gold has a "dead end" in talks to avoid the so-called "financial cliff", which is expressed in the tax increases and spending cuts at the beginning of next year.

Analysts note that while the basis for gold strong, especially considering the position of the adaptive Fed, the positive momentum seems to have disappeared for now. They also claim that it is still waiting for a rebound from these levels, although the odds are in favor of a deeper retracement increased, which may be due to "fatigue" of investor fatigue.

We observe today the euro surrendered earlier positions gained against the dollar, as the disappointing results of the Spanish auction and weak economic data for the euro zone prompted investors to lock in profits after recent gains.

Also today, the shares were supported by comments on the background of the new leader of China, who noted that the Chinese government will focus its efforts on stabilizing exports and make their policies more targeted and effective.

In addition, many investors expect the release of the employment in the non-agricultural sector of the U.S., which will be published on Friday, as well as meetings of the Federal Reserve policy makers next week

December futures price of gold on the COMEX is now 1685 an ounce.


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