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Gold slipped again at the close of trading on the New York Mercantile Exchange early this morning after it was advanced to the upper level of $ 1,800 / troy ounce for the first time in 7 weeks. The decline in gold prices is the result of the rapid response of market participants who immediately chase assets at risk following a decision of the Italian Prime Minister Silvio Berlusconi stating kesediaanya to step down after the Italian parliament approved the tightening measures.

Voting on the italian parliament happened overnight, the leadership of Berlusconi looks under threat after failing to win majority of the reports anggarn 2010. Berlusconi bagged 308 votes and the difference is only 8 of the absolute majority to form a stable government. After that Berlusconi announced plans resignation from his post after the reforms carried out by the end of this month, as a form of seriousness in the italian economic improvement. The news instantly trigger a reaction of market participants to pursue risky assets for economic optimism as signs that the higher the euro area.

Investors now see at least the more reason to continue to keep the gold as an investment tool in the hope of improving conditions in the European economy that began to swell, triggered by a change of leadership in troubled countries such as Greece and Italy.

Previously recorded movements in gold prices strengthened for most of the day, supported by safe haven buying amid the crisis of the Italian State kekhawatrian potentially exacerbating the crisis. Then gold consolidated after the reported results of voting and decision-Berlusconi Italian parliament. Gold was recorded as having a thin reinforcement or about 0.7% in the range of $ 1,782.06 / troy ounce after earlier had gained tajan to the area $ 1,802.75 / troy ounce, the highest level of new daily (intraday high). Meanwhile, gold futures market at the level of $ 1,799.02 / troy ounce or strengthened as much as $ 8.10 on the trading session yesterday.

For the short term gold still tends to be bullish and the possibility of breaking the psychological level of the range of $ 1,800 / troy ounce. While technically current on 4-hour chart of gold looks likely to consolidate in the range 1775 to 1802 area. However, gold is still consistent within the area and correction bullish trend is happening on the trading session yesterday was short term. The outbreak area of ??support at 1775 levels could potentially trigger a strong correction to the target area continued bullish trendline as the initial target. But otherwise the potential for strengthening also able to cross the open area when the price of resistance in the range of 1802 and the outbreak of those levels are also potentially trigger strong reinforcement to the area of ??1831 or even further toward the 1920.90 area which is the highest level of all time for now.