Gold price technical analysis 22-February, 2013

Japanese Stock market pushed Comex down

Gold price technical analysis 22-February, 2013, the pair of gold / U.S. dollar closed at a price higher than the opening price, due to the press of weak data issued by the United States on the U.S. dollar.

the Pair of gold/US dollar initially fell to its lowest level in 30 weeks at $ 1555.04 USD/Ounce before recovering to $1582 USD/Ounce. Gold prices made ​​some progress after the Labor Department announced that the number of applicants for jobless benefits rose by 20 thousand to 362 thousand, and data from the Federal Reserve Bank of Philadelphia, revealed that the manufacturing index fell to – 12.5 from -5.8. As PMI was “Markets” was less than expected, something simple (55.2 vs. 55.8 previously).

This data eased concerns that the decision-makers in the Fed to end its asset purchase program monthly $ 85 billion sooner than expected.

The support area at $ 1554/48 USD/Ounce, which formed itself as an important level several times during the last summer, will continue to be a key level to move down. Hack below this level it is possible to restore prices to the level of $ 1545 and then to 1532 USD/Ounce.

Expectation for the  support level at $1576, 1570.30, 1564 USD/Ounce of gold.