Gold
Gold started off last week around $ 1780 levels and fell near to its support at $ 1769, and then climbed back higher to remained in a $20 range of high of $ 1794 and $ 1774, finally it settled at the same level as previous close at $ 1780. This week The Economic Policy Symposium, held in Jackson Hole, is attended by central bankers, finance ministers, academics, and financial market participants from around the world.
Technically, gold is ticking sideways before it makes a clear direction. Multiple close below $ 1769 is required to establish bearish move to continue. Meanwhile Multiple close on daily basis above $ 1796 could add more longs. The falling trend line and 50 % Retracement of fibonacci could prove as a tough resistance to cross for gold. Till it makes a firm move gold’s trading range is seen bet ween $ 1770 and $ 1796 for this week.
Silver
Silver fell last week from $ 23.95 gradually to mark a low near $ 23, exactly as we anticipated on our last report. As it managed to stay above $ 23 silver could attempt yet again $ 24 / $ 24.50 levels this week.
Data and Events for this week
- U.S Preliminary GDP Quarter to Quarter on Thursday Aug 26th
- Jackson Hole Symposium 26th Aug – 28th Aug.