Gold price technical analysis 4- March, 2013

Japanese Stock market pushed Comex down

For the third consecutive week, settled in the pair of gold / USD at a level below the opening level.

The Pair of Gold/USD rose on Monday and Tuesday on the back of expectations that the Bank president  “Ben Bernanke” will defend the Bank’s quantitative easing. But apostasy occurred because these expectations did not last long as increased movement downward pressure again at the level of $ 1620 USD/Ounce.

Oil prices fall steadily due to stampede investors to the relative safety of the U.S. dollar against the backdrop of indications that the health of the strongest economy in the world is improving. Modern data from the housing sector and the labor market and investor confidence, spurred optimism about the economic recovery.

According to a report on Friday, index, “the Institute of Supply Management industry” to 54.2 from 53.1 in January, the index “consumer sentiment from the University of Mich.” rose to 77.6 from 76.3. I think that this week will be important for a pair of gold / U.S. dollar, where we were trapped between 1587 and 1563.80 on Friday.
If prices turned upward and she succeeded in overcoming the resistance level at 1587, I think we may get back to test the level of $1597.77 USD/Ounce and $1604 USD/Ounce. You will need upward movement to penetrate the level of $ 1604  USD/Ounce in order to have control over gold price.