Gold
Gold kept trading sideways from Monday to Friday, post the NFP release gold quickly turn higher from $1813 levels post a weekly high of $1833.80, towards the close it set-tled near $1827 . Weak Non Farm payroll might have helped gold to quickly gather up-side momentum. U.S dollar index in turn has given fell back to its support levels on charts.
Technically, Since July ’21 gold has run up-to its resistance near $1835 on 4 occasions and has not been able close above that level, a firm close above $1835 will help gold to place on track towards $1900 level. With no major Economic data release this week gold could retest its support now seen at $1813, if it manages to hold its support we could see a rerun to take on $1833 levels of resistance. Currently gold is trading at $1827 and stable, major market is on holiday for Labour day holiday.
Silver
Since its fall on august below $24.50 , silver has managed to close above $24.50 , renewed chart based support is seen at $24.25 levels and could aim to run to-wards its next levels of resistance at $25.75 and $26 levels.
Data and Events for this week
- U.S Producers Price Index Month on Month on Friday