The next targets of the Gold/USD prices: Sep 12th, 2012
The Gold prices rose with 70 % between (2008 and 2012) and it rose around 3 % the previous week and it has continue its upward movement this week and has reached the 1746.99 dollar per ounce after a warning from Moody's Investors Service that the United States may lose its top AAA rating if the talks about the next year budget could not reach a serious policies and measures to reduce gradually the debts in the region.
The rise of Gold prices is pushed by the investors’ worries due to the frequency of intense economic news during the last week and also this week, so this is what contributed to the rise in demand for buying the precious metal as a safe haven asset.
We also expect that the GOLD/USD would continue its recover awaiting for the US FOMC decisions on Thursday, and the next expected target will be towards the 1745 level, then to the 1756 level, and if it breaches up this level, this will push the prices to rise towards the 1770 level.
However this rise would remain only on the short term trading waiting for the decisions of the FOMC, but if the European economic conditions improve and the US data are positive, this will change the market trend from a bullish trend to a bearish trend , and the next targets will be to the following levels: 1706/ 1690/ and 1660
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