Gold
Gold maintained between $ 1751 and $ 1795 levels last week. Monday it kept trading near $ 1776 levels and took a dive to $ 1751 on Tuesday as the week progressed it started ascending to mark a high of $ 1795 and finally settled the week at $ 1786. Traders might await for the FED Meeting minutes to be released this week to take further clues of the FOMC standing regarding Interest Rates.
Technically, gold is trading near to its 100 Day moving average at $ 1790 followed by horizontal line of resistance at $ 1800 of past 2 months trading zone. Resistance in gold seems to be very firm as past many sessions gold struggles to go past above $ 1800 levels. A break of $ 1795 could pull gold higher to $ 1814 levels its next major resistance. Meanwhile support seems to be now seen at $ 1765 and $ 1748 levels.
Silver
Silver seems to gather some upside momentum last week and has closed above to its 50 % retracement resistance at $ 26.25. On daily chart silver could attempt to take on its next resistance at $ 26.85, where support is now at $ 26.25.
Platinum and Palladium
Palladium is on a positive territory on short term charts which points for further gains , $2770 seems to be the nearby support and if it sustains above that levels palladium to inch up towards $ 2890 levels. Platinum after trading near to three digits figure, has recouped and now seems to be aiming to mark decent gains trading currently at $ 1095, next resistance could be $ 1120 levels.
Data and Events for U.S this week
- ISM Service PMI of U.S on Tuesday.
- FOMC Meeting Minutes on Wednesday 7th July.
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