Gold price stock analysis 7 – March, 2013 Gold prices stabilized at a higher level after intermittent hearing yesterday. The pair traded at low level reached $ 1567.36 USD/Ounce after he said the ADP Research Institute that, companies in the United States has added 198000 new employer during the last month, but prices bounced back to $ 1584 USD/Ounce with the entry of buyers.
The trading of Gold / U.S. dollar in the specified range since Friday, and I think that the price movement will be limited, so that we can get out of this consolidation area ($ 1587-1570 USD/Ounce) fully. Although recent economic data confirm that labor market conditions improved, the Fed Chairman “Ben Bernanke” Vice President “Janet Yellen” believe that the continuation of the asset purchase program is necessary to support the economic recovery process.
the investors witnessing today meetings of the central bank, so that investors will wait the announcement from the Bank of Japan, Bank of England and the European Central Bank, and on the latest policy decisions. With this into consideration, I think that it is more logical to wait until penetrate to the outside of the consolidation area of $ 1580 USD/Ounce.
If we were able to penetrate the level of $ 1587 USD/Ounce successfully,we will be at the level $ 1597.77 USD/Ounce of gold, then at the level of $ 1640 and 1625 USD/Ounce. With this, whether headlines support the U.S. dollar and the pair closes below $ 1570 USD/Ounce of gold,we will observe the levels of $ 1564, 1555 and 1547.92 USD/Ounce of gold in the trading of the next week.
while gold price fluctuate it is not safe to be engaged in new trades for the end of the week, $ 1576.90 USD/Ounce could be the new turning point of the markets to show the decline of gold today in the forex markets.