Gold price technical analysis 14 – March, 2013, Global stock indexes today showed that, gold price lose a part of its strength in front of the US Dollar, in which the pair of Gold/USD showed a fluctuate today especially after the retail sales report today.
Some sources indicated that the percentage of retail sales rose 1.1% during the month of February 2013, a pair of gold and the dollar form of upward movement and because of the pressure from the upward movement, Gold prices hit $ 1599.20 USD/Ounce of gold, but the case did not last long gold Following strong U.S. data today and found that the prices of gold headed towards the descending channel, but this is a temporary up in gold prices to $ 1565.80 USD/ ounce.
As a result of these data could ease the Federal Reserve Bank of quantitative easing rapidly. Now we are in front of scenarios. Either win the upward movement and see the support level at 1604 dollars and will be a result of investors buying from Asia.
The other scenario that continues the downward pressure of the movement and seeing a low level of support at 1580, but closing below the level of 1772 USD/Ouncewould lead to disaster and renderings will be downward as a result of sales of American investors.