when gold rate will come down in 2012

when gold rate will come down in 2012 ; Gold prices have been under pressure this week, and market watchers are torn whether or gold will sink to $1,600 an ounce next week or rise to challenge $1,700, suggesting much will depend on the action in the U.S. dollar. Prices were lower on Friday and on the week. The most-active April gold contract on the Comex division of the New York Mercantile Exchange settled at $1,659.50 an ounce, down 3.04% on the week. May silver settled at $32.726 an ounce, down 5.21% on the week.

Technical analysts are among those that see gold perhaps trying to probe a little more weakness next week, with $1,600 not unlikely. “The market has a little more room to go down before seeing a trend change. A test of technical support between $1,628 and $1,614 could occur early in the week leading to renewed buying interest,” said Darin Newsom, Telvent DTN senior analyst.

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