Voice for Business

The price of gold is predicted leading to the level of 2000 U.S. dollars per troy ounce as European Central Bank (ECB) will collect a lot of funds to address the problem of Europe’s debt crisis. The possibility of a new liquidity program digulirkannya by the ECB to make the gold into an asset that is more interesting than paper currency during the period of inflation is still high.

Last Friday, spot gold rose 1.6 percent to 1787.04 U.S. dollars per troy ounce and end the correction that occurred during the last three days. The same condition also occurs in the gold futures market. The metal is 28.50 U.S. dollars per troy ounce at 1788.1 U.S. dollars per troy ounce.

Gold posted its third week in a row which is the longest consecutive increase since August after the Italian Senate approved a package of austerity.

“Rebound developed after correction stuck in the daily trend line support our area around 1746 U.S. dollars per troy ounce as we have previously anticipated,” said analyst Valbury Asia Futures, Erwin Poernomo.

Technically, he read, after the correction hit day low of 1745.54 U.S. dollars per troy ounce rebound later developed, so the gold to hit day high at 1788.91 dollars per troy ounce before finally moving around 1787.94 dollars per troy ounce.

“Daily and intraday trends which tend to be bullish on the potential rally to continue for daily trend line support area we are currently at around 1765 U.S. dollar remains intact,” he said. For investors who are still interested in gold, Erwin suggested that if the market aware of the occurrence of a replacement rally failed to break out significantly above the area of ??1800 U.S. dollars per troy ounce

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