Gold price technical analysis 5 – March, 2013- seems that the pair of gold / U.S. dollar has found some support during the Asian trading session today after 4 consecutive days of losses.
Although the pair is suffering from increasing the strength of the U.S. dollar since the month of October, the movement becomes narrower trading during the recent period. Concerns about global growth and weak data from China pressuring gold prices as well.
The pair of gold/USD make a support between the levels of $ 1587 and 1564 USD/Ounce of gold. I think that we will stay within that region during the short term.
Better to wait until the end of this battle. If she manages upward movement of winning this battle and the push prices back above $ 1587 USD/Ounce, it is probable that the pair test the level of $ 1597.77 and 1604 USD/Ounce, and close above the level of $ 1604 USD/Ounce of possible ease downward pressure and that gives upward movement an opportunity to move toward $ 1625.64USD/Ounce.
If we infiltration below the level of $1564, I think that the downward movement will dominate the pair again. And support at the bottom will be located at $ 1555, 1547.92 and 1532 USD/Ounce.