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18.01.2013 16:20

The price of gold fluctuates in the range of $ 1695 - $ 1685 per ounce

Today at the start of trading, gold prices rose slightly, which was associated rise in share prices, as well as other commodities, which have responded positively to the submitted data from China and the U.S., which led to an increase in optimism about the prospects for global economic growth.

World shares reached a 20-month high, after a report showed that China's economy grew slightly faster than expected, while expanding by 7.9% in the fourth quarter of 2012. Note also that the impact on the dynamics of trade previously published reports on the U.S. housing market, which showed better than expected data.

In addition, prices also increased by copper and palladium, and even oil.

However, the report released today from the Consumer Sentiment Index Reuters / Michigan in January was much worse than expected by experts that zrazy also put pressure on the price of gold, which has fallen to the lowest level of today. Note that this figure fell to 71.3 from 72.9 in December, while the projected growth to the level of 75.1.

However, economists say that in the long term expectations that the U.S. Federal Reserve will continue its monetary stimulus, as well as concerns about the U.S. financial conditions will hold gold attractive as a hedge against inflation and uncertainty.

Note that the picture for gold in the short term remains positive, given that the price has overcome the immediate aim for the maximum $ 1694, is aimed at the psychological level of $ 1,700.

Analysts say that given the fact that a downward correction was kept area $ 1684 (previous resistance), the price may continue to move from a wave that starts at $ 1653 and ending on the $ 1700 to $ 1709.

Meanwhile, below the $ 1,684 immediate support lies at $ 1673/69, but only the loss of yesterday's low and the bottom of the previous range of $ 1664 would weaken the head of the bulls in the short term.

February futures price of gold on COMEX today fell to 1687.20 dollars per ounce.


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