"Technically, the area gives resistance to further strengthen gold prices."Jakarta (ANTARA News) - Gold prices climbed boosted by expected stimulus to be announced by the US Central Bank as reflected by the minutes already released of a US meeting on monetary policy.
The chief researcher and analyst of PT Monex Investindo Futures, Ariston Tjendra, said gold prices had hit the area of the upper limit of the triangle formed since last year at US$1,660- US$1,670 per troy ounce.
"Technically, the area gives resistance to further strengthen gold prices," Ariston said here on Thursday.
However, unless there is new sustaining data and events , the prices would likely fall to the area of US$1,645 per troy ounce, he said.
"If the pressure continues to press the price to lower than US$1,663 per troy ounce the area of US$1,665-US$1,670 per troy ounce would be the next target," he added.
Today there are many data released from Europe about manufacturing and service activities, that could cause a fall in gold price, he said.
However, if the US data about unemployment allowance claims is also worse to night, the effect could be positive for gold price, he said.
In Wednesday`s trading , gold futures closed on the red zone as investors consolidated after hitting a three-month record level while waiting for the leases of the minutes of the US monetary meeting.
The price of gold for delivery in December shrank 0.2 percent or US$2.40 per troy ounce to US$1,640.50 in Comex, a division of the New York Mercantile Exchange.
(Uu.AS/H-ASG/A014)
Editor: Priyambodo RH
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