Thursday, July 21, 2011

Analysts Believe Gold Price will still Shining

Gold price fell immediately after the U.S. reached an agreement on the handling of the crisis. Gold finally weakened after touching the highest record at U.S. $ 1609.51 per ounce.

Even so, analysts remain confident the major gold trend still indicates a potential bullish. The price of gold still has the potential to continue strengthening. Gold price will attempt to around the level of U.S. $ 1,619.80 per ounce.

Technically, RSI conditions could be in an overbought position and overshadowing a rally with the possibility of positioning the gold price has peaked. Thus, investors should begin to be aware of the potential for correction and attention to the target support in the range level of US $ 1,578.50-US $ 1559.30 per ounce.

Newedge USA LLC actually dare to predict gold prices will continue to rise this year. Newedge predict gold price will go up to touch the level of U.S. $ 1,800 per troy ounce by the end of the year.

In addition to the price of gold, Newedge also predicts silver price will rise and will reach U.S. $ 70 per troy ounce in March 2012. Newedge reasoned, the high level of demand from Asia as well as investors action on the entire stock of gold as a hedge into a number of reasons.

Gold proves be one instrument to protect wealth in difficult times. Gold and silver demand from Asia will remain high for a considerable period of time. In addition, the improving trend of the European economy has more clearly.

The prediction shows, the gold price will surge by 13% from current levels. Just a reminder, the price of gold touched the highest record in history on July 19 at the level of U.S. $ 1,610.70 per troy ounce. Meanwhile, silver prices forecast indicates, these metal prices will jump 77% from its closing price yesterday.

just Information, there is now starting to have hope in the handling of American debt crisis that will be due August 2. A set of senators from the two parties gave the proposal increase the debt ceiling to U.S. $ 14.3 trillion and reserve budget cuts of up to U.S. $ 3.75 trillion. U.S. President, Barack Obama welcomed the progress and calling it a significant step and urged lawmakers to begin the debt discuss to avoid default.

the historical of gold measurement
a fine ounce is a troy ounce of 99.5% (".995") pure gold
a standard ounce is a troy ounce of 22 carat gold, 91.66% pure
in modern day, an ounce of gold (= 1 troy ounce) is referred as a 99.99% pure gold piece or gold grains (gold shot)
international troy ounce is equal to exactly 31.1034768 grams.

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