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فبراير 19، 2013

Spain crisis and gold

The gold to rise to its highest value since May of the current year when he arrived to $ 1795.65 value on the fourth of this month. The main reason for not continuing high gold, which can not be ignored is the deterioration of the Spanish economy in the past few weeks resulting in a fall item down to the value 1728.20 dollars at the opening of European markets last day. Worth mentioning also that the uncertainty of demand Spain formally to bailout contributed strong decrease gold.

If we consider the chart below for gold, we can note several important technical factors, including the arrival of gold to the extent of 23.6% Fibonacci retracement of the recent rise (aggravated in bold red). So far as we know is a strong support area, where gold bounced higher after yesterday touched an indication of the possibility for movement correction possible. Already mentioned above that the Spanish situation is currently a major player in the European market. Since all investors are waiting for the moment of declaration of the Spanish government request to support or deny the plan to apply for such a

We chart below to clarify the limits of Fibonacci 23.6% and 38.2%, we can observe that there is a great potential to be this border points a strong support, as gold has fluctuate in advance upon arrival these points thereby enhancing get it again if he arrived from New. according to this analysis, we can conclude that there are opportunities to increase gold again after his arrival to the region between binomial forming the correction in the near term, but we have to take into account the economic situation of the Spanish and monitor all new, including the announcing on the bailout plan.






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