Author: Team Editors admin

Gold prices are struggling to provide test amid U.S. dollar a slight correction after sharp declines recorded in previous sessions this week . Resulting tendency caution that emerged in the minutes of the meeting of the Federal Reserve for the month of March , which was issued on Thursday to a decline in currency reserves , the latter heading toward recording its biggest weekly decline since October 2013 .

To the test while the U.S. dollar following the wave of the landing , it is likely that Twaslasar Alzhbndalha . U.S. economic data cast a disappointing weigh on the currency in recent times , and therefore that any reading below expectations of consumer confidence from the University of Michigan will entrench the emergence of downside moves to green . It should also be noted that in the event resulted in a wave of risk aversion to the recent deterioration in investor confidence , the dollar will advance thanks to increasing safe-haven demand . This scenario leaves the prices of gold and silver at a critical detail in the next session .

Technical Analysis of Gold – Gold turns the direction of the near -term bullish , according to the trading price shown above the arithmetic average of twenty day and direction indicator Altghebr rate to zero level . In this regard , he gave a morning star pattern formed on the daily chart close to the key support at $ 1,277 based on the light bounce gold prices. In the context of the positive technical signals for the item, will enhance the penetration level of $ 1,320 up opportunities for entering long positions with the concentration of the next resistance at a price of $ 1,351 .

The price of gold rose to near its highest level in two weeks in early trade in Asia on Wednesday, retaining the big gains the previous day as the increasing tensions over Ukraine boosted the appeal of the precious metal as a safe haven .

By the time 0021 GMT, the price of spot gold to $ 1309.22 per ounce ( an ounce ) , up 0.1 per cent. Gold had jumped 0.9 percent in the previous session. The record price of gold to $ 1314.43 its highest level in two weeks on Tuesday .

The prices of gold futures on COMEX 0.06 per cent to 1309.9 dollars per ounce .

And settled the price of silver in online transactions without change to $ 19.99 an ounce and platinum price rose 0.19 percent to 1436.5 dollars per ounce and palladium , which also increased 0.21 percent to 773.75 dollars an ounce

Gold edged lower on Friday as the market nervously awaited U.S. nonfarm payrolls data, heading for its longest weekly losing streak in over six months as equities firmed and optimism grew about the U.S. economy.

Investors in gold, which is often seen as a hedge against economic uncertainty, are eyeing the U.S. jobs report later on Friday to gauge the strength of the economy and any potential impact on the Federal Reserve`s stimulus measures.

A weak report could boost gold`s appeal as a safe-haven, while a strong report could prompt speculation that the Fed will lift rates earlier than previously expected.

Median forecasts are for a rise of 200,000 in payrolls.

“If payrolls fall short of the 200,000 mark, that would potentially support gold prices, though it is unlikely prices will break above USD 1,300,” said Joyce Liu, an analyst at Phillip Futures.

“But if it`s a strong report, we will definitely see some downside and potentially break below USD 1,276.”

Spot gold slipped 0.1 percent to USD 1,286.10 an ounce by 0318 GMT. The metal is down 0.6 percent for the week, on track for a third straight weekly loss. That would be its longest weekly losing stretch since August-September.

Prices were trading in a tight USD 3.86 range – the smallest trading band since December 25.

Liu said any support from physical demand, which could pick up at lower prices, would be offset by technical bearishness.

Physical demand has in fact weighed on prices, as buying interest from top consumer China has dropped off considerably.

Shanghai prices, which were at a premium of over USD 20 an ounce to spot prices at the beginning of the year, are now at a discount of about USD 2.

In No.2 buyer India, the central bank has indicated that it is considering removing some of the curbs on gold imports – a move that could potentially ease premiums and boost demand.

A pick-up in buying from India, which was until last year the biggest gold consumer, could provide some support to gold prices.

Among other precious metals, platinum and palladium were heading for weekly gains on supply worries.

Strikes in South African mines have forced platinum producers such as Lonmin to declare force majeure with some contractors.

Palladium supply fears are also being fuelled by geopolitical tensions in Russia, the top producer of the metal.

Gold record the lowest level in six weeks on Thursday and went down to about $ 1,300 an ounce for the first time since mid-February with exposure to price pressure due to speculation that U.S. interest rates will rise faster than expected and the decline of tensions over Ukraine .

Traders said selling accelerated with the descent of the metal on the level of technical support psychologically important $ 1,300 an ounce and the moving average day in 1296 to two hundred dollars an ounce . Prices fell to its lowest level since Feb. 13 at 1291.36 dollars an ounce .

At 1215 GMT, the spot price of gold was up 0.8 percent to 1292.99 dollars an ounce , taking its losses this week to three percent . The U.S. gold futures fell for April delivery to $ 9.40 an ounce to U.S. $ 1294 .

Silver fell in online transactions 0.2 percent to 19.64 dollars an ounce .

Platinum was down 0.1 percent to hit U.S. $ 1397.25 an ounce and palladium fell 2.4 percent to 756.75 dollars