Showed the weekly report issued by the company «Active Trades», the British company specialized in providing services for currency trading and minerals, the high price of ounce of gold during the week elapsed to fetch up at the end of Friday’s session to 1376 dollars per ounce (31.1 grams approx), up 3.6% Over the past week.
The report noted that these gains come in the return of a positive outlook for gold again and increased purchases kind of gold by investors found the opportunity convenient to buy after declines powerful witnessed by the yellow metal since the beginning of the year, in addition to the decline in the dollar strong during the week elapsed. In this context, said the director of the Middle East in the «active Trades», George Petrona, said that «that seen in the gold market from the heights in the current period is a natural reaction to a range of factors, the most important fall in the price the U.S. dollar and the increasing demand for purchases kind of gold after dips strong witnessed during the last period.
He added: «decline was about levels of 1180 dollars per ounce, which witnessed gold two months ago, a catalyst for many investors in the market and believe in gold as a safe haven, especially after a long period of high prices for gold, which has led to an increase in purchases kind of gold during the past two months , which is reflected in the report of the World Gold Council last week. The Petrona that «Gold fell to its lowest level in four years, two months ago, returning to levels considered acceptable by those who wish to acquire gold in kind, especially alloy jewelry, which led him to rise again during the last period», and went on: « the inverse relationship between the price of gold and the U.S. dollar also played an important role in the declines witnessed by the dollar last week, as well as the issuance of the report of the World Gold Council, which showed the increasing demand for gold to its highest level since 2008.
He stressed that «view the current gold turned toward the positive again, especially with being able to skip the levels of important resistance is 1338 dollars and 1347 dollars per ounce, pushing gold to gain torque strong climb, and what makes the next target for gold at the level of psychological resistance at $ 1,400 an ounce , and the most important resistance level in the current period at 1427 dollars per ounce.
But Petrona pointed out that: «these gains remain backlash in the current period to the low price of gold, while we may see a decline in the strength of the rise in the coming period as we approach the resistance levels mentioned, which puts us in front of a chance of profit-taking for purchases speculate on short and long.
