The gold sticks to correction, the signal of beginning of which started on Monday. The gold lowered the quotations from local maximum by 22 dollars for 1 ounce and is now quoted for 1655.

In spite of the fact that on Thursday there were some troubles on market that were connected with FRS meeting and Ben Bernarke’s speech, descending short-term tendency did not change and most likely the gold will continue descending to 1645 where 38.2 percent level of correction is to the previous growth by Fibonacci. The next obstacle for quotations decrease is the level of support of 1636.

A good ascending trend that broke down the resistance on 1636 mark found a resistance on the mark 1677 dollars for 1 troy ounce of precious metal and stopped, consolidating lower than a given mark.

The resistance is not evident but starting from November 2011 on this level (or around it) there was a significant number of local extremums, probably the same situation is going to occur soon.

The confirmation of the possibility of correction to the previous growth of quotations are doji-candlesticks for previous trading day (Friday), which means the weakness of bulls and growing struggle between buyers and sellers. After Monday the candlesticks have a dark body and a narrow diapason of a trade, which testifies a prolonged struggle with dominating descending tendency.

The last four trading days (this whole week) the AD- US dollar pair has been trading within an interesting narrow diapason. It is interesting because it reminds a forming flag, the breakdown of which will mean the continuation of ascending tendency. However, the character of daily candlesticks points at the weakness of ascending tendency within a trading day and all these with the background of perfect growth of petroleum on all markets (the Australian dollar correlates towards petroleum and gold).

Double interpretation of current situation defines well the necessity of protection or the closing of current long positions on AUDUSD pair.

Reached the resistance at 1.2630 eurodollar ceased its growth. In connection to the Bernanke's speech slightly higher level of the volatility was spotted on the market and assets did not look strong on the Thursday. As there were no signals of the third round of quantitative easing the traders were disappointed and the market growth ceased. Mainly this reason stopped the growth of the assets.

Bernanke did not give any significant information and accordingly the markets reacted to the other news. As a result pair EUR/USD was destabilized by the news from Fitch rating agency by the time of the american trading session closing. It was reported that Fitch lowered the credit rating for Spain by 3 points, from A to BBB. Short-term rating was also lowered from F1 to F2.