Last week Gold started off from $ 1726 levels and paused initially at its first resistance at $ 1740 but it then took off its resistance and marked as high as $ 1755 levels on Wednesday , it couldn’t sustain above $ 1750 and gave up its gains to fall to a new weekly low of $ 1719 on Thursday. Towards the close of the week it reclaimed its losses and settled near $ 1744.
This week, there are no major Economic data release out of U.S.Fed Chair Powell speech is due on Monday , followed by Powells testifies in Housing and senate banking committee on 23rd & 24th respectively. As we write the report gold is trading near $ 1732 levels. Earlier today gold started off from $ 1746 and fell back to a low just below $ 1730 and quickly came back to $ 1736. Fed Speech could be dominating factor this week.
Technically, gold could consolidate and stay within its past two weeks range. On daily chart gold is staying with in a wedge, a flag like formation where it could possibly test both resistance and at $ 1747 and support which is seen at $ 1718 levels. A Clear break could take gold towards its $ 1760 levels. Trading currently at $ 1733, its likely to climb towards $ 1747 and test its resistance .
Data and Events for U.S this week
- Fed Powell Speech later today
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