Gold technical analysis: what is the next target of the Gold/USD? MBCFX/02/28/2013

Gold technical analysis: what is the next target of the Gold/USD? MBCFX/02/28/2013

 

We recommend our dear traders to follow us on Facebook and Twitter, in order to receive the economic and fundamental news of the market.

 

the Gold prices made great gains during the previous trading sessions, but it has started to retreat, especially after the release of better than expected data concerning the US home sales , and the US durable goods, and this boosted the demand for the US dollar, ahead of the GDP data and the Jobless claims expected to be released later today, 

Therefore, we expect that GOLD/USD would decline during the next trading session, and we remain waiting to reach the 1560-1554 levels.

And the mentioned area would represent good opportunities to enter buy positions, because the 1560-1554 area would represent the bottom for the begging of the bullish trend.

So we recommend our dear traders to wait the expected mentioned levels , to enter a buy position on the average term trading, and to take profits when it reach $1.700 and $1720 per ounce.

  For more info or further fundamental and technical analysis on Forex, Gold, Crude Oil, Commodities, and Stocks,

Please register on : http://www.mbcfx.com/SM/demo_en.html