Trying Continue Increase, Gold Price Meets Strong Resistance Level

In electronic trading in Asia today price of gold has limited mobility, while still trying to continue the rise that began last night (30/11). This precious metal commodity prices lead to a condition biggest weekly decline in a month later in uncertain fate of the U.S. budget.

The market still has not received a clear direction regarding the agreement between the government and the U.S. Congress stronghold dominated by Republicans. Although the signals sent from both sides refer to the positive, but the lack of clear and detailed draft budget still weighing on market movements.

Throughout this week the price of gold moved quite volatile. On Wednesday the gold price had declined sharply to reach its lowest level in 1.5 weeks at 1705.64 dollars per troy ounce. Although it has rebounded, but the price of gold to face strong resistance level in 1730 dollars.

Nymex gold futures prices seem to move flat. Today the price of gold futures only show a decrease of 60 cents and traded at 1726.60 dollars per troy ounce.

Meanwhile, spot gold prices today are in the position of 1727.70 dollars per troy ounce, an increase of 2.2 dollars of posis closing trade early this morning.

The metal gold is still not showing signs that will surely where movement. For now the hope of avoiding U.S. fiscal gap is likely to push up commodity prices. To this day the gold price will experience movement in the range 1717 - 1735 dollars per troy ounce.