Gold prices fluctuate in a narrow range

Price of gold futures rose slightly, rising above the level at the same time opening day, but, nevertheless, continues to trade in the range of $ 1575-1583, as many traders continue to assess the strengths Friday's employment data in the U.S., which greatly influenced the dynamics of Friday's trading. Recall that the data from the U.S. Department of Labor showed that the number of people employed in non-agricultural sectors of the economy in the past month increased by 236 thousand people, compared with a revised downward from the previous month's level of 119 thousand (originally reported 157 thousand ) and the average forecast of experts at around 158 thousand also report showed that following February private companies added 246,000 jobs, while manufacturers have increased the number of jobs at 14,000. The Labour Department also reported that the unemployment rate fell to 0.2%, down to the level with 7.7%, and showed the lowest value since the end of 2008.

Meanwhile, we note that the official data from China, which were published over the weekend showed that the following February, consumer prices rose by 3.2%, which was higher than expected at 3%, and more than the increase in the 2% in January. In addition, a separate report showed that industrial production rose last month by 9.9%, which was lower than the forecast of 10.5% and an increase of 10.3% in the previous month.

Persistent concerns about the deteriorating economic situation in Italy has also remained in the spotlight after Friday, Fitch Ratings cut Italy's sovereign credit rating to BBB + from A to B, citing the inconclusive results of the parliamentary elections last month and a deeper recession .

In connection with the situation, analysts say that the price of gold is likely to find support at $ 1, 554.80 a troy ounce, which is a minimum of 21 February, and resistance at $ 1, 602.20 (maximum of 28 February) .

April futures price of gold on COMEX has increased, and now stands at 1579.10 dollars per ounce.