The price of gold has risen from the lowest level in four years when the political turmoil in Greece and speculation that the governments of Europe to China will increase economic stimulus into the latest issue. As a matter of comparison, yesterday the US Mint has sold 42,000 ounces of gold coins, compared to 18,000 ounces in December sales.
Gold prices continued to move up on the fourth session in a row, supported by safe-haven demand. Ongoing concerns related to the fall in oil prices and stock prices, as well as concerns about Greece continue to contribute to the rise in gold prices.
Oil prices fell slipped to lows of the latest five and a half years when Saudi Arabia cut the official selling prices to Europe. Brent oil was under $ 51 for the first time since 2009, while the WTI oil traded below $ 48.
Supply of oil continues to flow and weakening oil demand caused a slowdown in global economic activity has contributed to the collapse of oil prices have dropped by 55% since June last year.
US Stock Index
The Dow Jones index fell more sharply again as much as 300 points on Monday and back down dramatically on Tuesday.
Defensive stocks continued to move will make inflation will be well below the target in the future, the risk of economic growth, strengthening of the dollar and the policy of the BoJ and the ECB are moving towards the opposite direction; makes the question of whether the Fed will begin to tighten policy?
Given the low investment returns in the bond market then there is the potential for money to be moved into the gold market has inverstasi better results.
On the movement Tuesday, gold trading opened in the range of USD 1202.94 per troy ounce. Gold prices rose to move upward toward the highest daily price in the range of USD 1222.95 per troy ounce and finally closed in the range of USD 1218.42 per troy ounce. The movement of gold gain against the dollar as much as USD 15:48.
In general, the movement of gold in the 4-hourly chart looks still in bullish rebound conditions. Gold prices look back above the simple moving average indicator 200 and 50 which is the area of support for the movement of gold. Indicator of relative strength index (RSI 14) at the level of 65 to give an indication of the potential price in a state of minor bullish. Likewise, the momentum indicator 14 provides an indication that the price will still be bullish minor.
The intraday bias, gold price movements on the 4-hourly chart looks continue to rebound phase and the current price looks to consolidate in the area of resistance. If the gold price moves down the support of USD 1202.49 per troy ounce will be in touch by price movements. Conversely, if the price of gold rose against the dollar and penetrate resistance at USD 1221.31 per troy ounce then there is a chance the price will move up towards the next resistance in the range of USD 1238.13 per troy ounce.