Trading.ucoz.de

GOLD Forecast - December 19 2013

Following yesterday’s Fed decision to cut its bonds purchase program by $10 billion per month, Gold price decreases and is currently breaking the 1211.3$/ounce level.

This move can trigger further down move to 1179.1$/ounce which correspond to 2013 low reached earlier this year (28th of June) following the first announce by Ben Bernanke regarding the start of the tapering.

Despite the fact that in general down moves are faster than up moves, following a support or resistance breakout, the price tends to retest the broken level, so a retest of 1211.3$/ounce level is not to be excluded.

However, any acceleration of the current move would definitely pave the way to 1179.1$/ounce where strong support from mining companies in need to sell their production at least at breakeven is expected to be found.