This weekend, the price of gold remained at the lowest level of weekly. This gold price is in a position of less well in two months. It triggered from the central bank of the United States (us) or the Federal Reserve will raise interest rates this year.
In the spot market, the price of gold was stable at a level of US $ 1146.46 per ounce at 10:30 pm. That figure is not far from the lowest level in the previous session at US $ 1144.20.
All this week, gold prices have already come down 1.5 percent. This sharpest decline since August 28.
"Technical Basis, the price of gold has been in a support level at US $ 1,178-US $ 1122. It is the medium-term trend intensified in mid-July, "said market participants of the MKS, James Gardiner from pages reported by Reuters, Friday (30/10/2015).
Gold prices have been under pressure since the Fed decided give signals raise rates can be done this year. However, it is the condition of interest rate hike saw inflation and labor data.
Citing the research of www.fortisasiafutures.com, in the Asian session, the price of gold moves look flat and start rolling between the average daily movements of 20 and 50. "Metal Prices could potentially go down. Stockhastic was still in the area. Resistance and support are at the price of US $1,160.90 - US $ 1,140.90".
Gold prices had plummeted after market participants still focus on interest rate hikes the Fed will do later in December. Separately, the U.S. Commerce Department said that gross domestic product (GDP) for the quarter III 1.5 percent is still pretty weak from the previous quarter at 3.9 percent.
A number of analysts assess that, sentiment will drive the price of gold was further depressed.