gold price technical analysis

Gold price technical analysis 2/2/2017 recorded 1221.86 U.S.D / Ounce of gold by an increase 0.99%.

Gold price technical analysis

We have watched a rise in gold rate by an average of 0.99%. The rate of gold succeed to pass its first resistance point at 1220 U.S.D / Ounce of gold. The rise of gold is due to the rise of Oil price, the issue which made a support.

Trading for small investors today is a big risk, due to the rise which is not going to stay a lot. We will watch by the end of trading day a decline in gold price to the level of 1220 and 1218 U.S.D / Ounce of gold. The decline in gold rate will be due to selling process in the American market. The average of trading in gold today will be between 1210.20 and 1230.11 U.S.D / Ounce of gold.

Gold will stay above 1210 U.S.D / Ounce of gold in trading. If gold succeeded to break that level, we will watch a decline. But it is a rare possibility.

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