Gold
Gold Yet again traded near $1830 on last Wednesday and started descending to fall below to its support and closed near $1760 on Friday. Positive numbers Non farm payrolls might have been the trigger to take gold lower. Earlier today in Asian session as the market opened it collapsed to $1680 levels and has recouped to trade currently at $1751 as we write the report.
Technically, daily chart picture is terrible for gold now and we need to see on close ba-sis to get further clues for the price action. After the market crash to $1680 levels, gold has swiftly regained $1750 levels, but the rebound could face resistance at $1768 and $1790 its earlier support. A close today above $1730 could avoid further damage to chart picture for gold. Till then the new trading for gold could be $1790 / $1680.
Silver
Silver following gold’s price movement, silver found resistance last week at $26 as we anticipated and fell exactly to its Horizontal Trend-line support near $24 levels last week. Earlier today silver too collapsed to $22.05 and currently trading near $23.91. Silver could struggle now to beat its $24.50 levels and needs a firm move and close above $24.50 on daily close basis to improve its chart picture.
Data and Events for this week
- CPI month on month on Aug 11
- PPI Monthly on Thursday Aug 12th
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* Chart Source Netdania