Gold remained volatile last week as it started the week around $ 1776 levels and quickly climbed to $ 1783, as the week progressed following Fed statement it fell back to $ 1763 levels. Later on Wednesday it bounced back to $ 1770 levels but fell back to a new weekly low of $ 1757 on Thursday . Friday it bounced back from its lows to trade higher back to $ 1773 and finally settled the week at $ 1768 levels.
Earlier in asian hours of trading , gold is climbing higher on a grinding manner and currently trading near $ 1778 levels. Major Asian economy is on Labour day holiday observance till 5th of May . Asian hours volume is likely to be very low , and gold could waffle around till Thursday without a major directional move. In U.S there is no major Economic data release till Friday. U.S Unemployment rate and Non Farm employment rate is due to be released this Friday, which could further give hint about the shape of economy.
Technically, Weekly chart gold has falling trend line resistance near $ 1786 levels, after the previous week Doji formation on charts. Daily chart indicates gold is placed between its moving average of 50 days and 100 day moving average seen currently at $ 1743 on the lower side and $ 1798 levels on the upside. Technical indication for gold favors a sell on rally until it closes above $ 1802 levels. Intraday short term charts suggest a resistance near $ 1786 and support near $ 1757 the las week’s low.
Data and Events for U.S this week
- S Unemployment Rate on 7th May
- Non Farm Employment Change on 7th May.
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* Chart Source Netdania