Gold rose 1.6% during the last week, Is an end to the trend of decline in gold this week?

Gold changed direction and jumped back over the last week. Recovery of gold and silver along with the appreciation of major currencies like the Euro and the Japanese Yen against the U.S. Dollar.What's more, the fall of the U.S. stock market has recently also contributed to the rally in bullion. Last week, the minutes of the FOMC meeting and Bernanke's testimony in Congress raising speculation that the Fed may reduce its assets purchase program.Is an end to the trend of decline in gold this week?Gold rose 1.6% during the last week,Gold rate rose during last week by 1.6%; otherwise during the past week, the average weekly price reached $ 1,381.5 / ounce which is 1:41% below average last week. Gold ended last week at $ 1,386.6 / ounceThe price of gold is likely to end the trend of decline during this week. The slow movement of the precious metal likely to continue if the gold trading volume continues to decline.Bernanke's testimony last week seems to have the opposite effect is stronger in the stock market rather than precious metals market. However, if investors continue to speculate that the Fed may reduce its QE3 program in the near term, it can also provide the opposite effect of the precious metal.Meanwhile, the upcoming U.S. reports will provide ilhaman about the progress of the U.S. economy. This report includes: a second estimate of GDP, and consumer confidence. If the reports are showing signs of recovery, they will be able to help lift the stock market crashed last week and indirectly affect the prices of precious metals.If financial statements are to come, including: China Manufacturing PMI, German Retail Sales, GDP EU monetary Canada and shows no signs of improvement, they will drag the price of gold and silver again.Holder of SPDR gold trust ETF continues to lose its footing: the amount of gold held by ETFs dropped 5.5% since the beginning of the month and up 24.77% since the beginning of the year. If the holder of gold continues to fall, it could indicate the demand for gold as an investment continues to decrease. The recent rally of the Euro and the Japanese Yen during the past week most likely also contributed to the recovery of bullion prices. If-exchange will change direction and depreciate against the USD in the previous week, this is likely to drag down the rate bullion.Finally, the Indian rupee depreciated against the USD in the past week. If this trend continues to prevail, this is likely to affect the demand of gold in India.