Agency: Be cautious to see more gold prices

Summary: Institutions: Look cautiously at the multiple gold prices, and expect the gold resistance to be located at $1648.00, $1609.00, and $1602.00. The Golden Investment Network (http://.org/) gold market center shows that at 13:41 Beijing time, the spot gold price was reported at US$1600.66 per ounce.

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How to Make Money Experts Free Guidance Bank Gold and Silver TD Banking Guide Bank Gold and Silver Analog Trading Software Sets Gold Desktop Quotes Tool Ben Bernanke's speech has kept gold prices under continuous pressure in Asia. The price of gold fell to 1,556.50 U.S. dollars per ounce in electronic trading, with a turnover of 8,000 lots. When the price of gold rose back to 1570 US dollars / ounce after the selling again emerged.

At the end of London's early trading session, buying in the gold market reappeared due to rumors that Spain will assist its banking industry this weekend. The gold price rebounded more than $15 in midday. Since then, the price of gold traded in the 1575-1580 US dollars / ounce area, and midday fixing at 1576.50 US dollars / ounce. During the opening period of COMEX, the price of gold continued to rebound moderately due to partial short covering. The euro fell sharply to 1.2450 before, hitting the biggest weekly drop. Both the gold market and the euro’s performance showed market sentiment.

The sharp fall in the previous trading day of gold prices shows that the current gold market investors are highly dependent on the Fed’s quantitative easing. The spot market and other factors have little effect on the current gold price. The recent downtrend shows that many investors hope to wait until the price of gold returns to above 1600 US dollars/ounce before entering the market again. As the long-term strong support of 1,500 US dollars / ounce remains intact, still cautious to see more gold prices.

Gold resistance is expected to be located at $1648.00, $1609.00, and $1602.00, with support at $1591.00, $1579.00, and $1560.00.

Silver resistance is expected to be located at $29.97, $29.44, and $28.85, with support at $28.33, $27.83, and $27.32.

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