Gold
Gold on Upswing : Gold following a remarkable recovery in private employment data on Wednesday it fell to its support at $1760 levels .but it then reversed from its corrective price action on Thursday and Friday to quickly climb towards its resistance at $1812 and finally settled the week near to its high at $1816 . Fed’s comments followed by Fridays Non Farm Payroll data reflected in U.S treasury bonds to slump and gold to climb.
Technically, gold’s short term moving average has perfectly pierced through the long term moving average . Indicating further advance in gold price action to follow. Cur-rently trading at $1815 levels, a drop in price could find support at $1796, followed by $1786 the 21 and 100 day moving average . Meanwhile upswing could find resistance at $1834 and $1849 levels.
Silver
Based on Daily charts Silver is showing a bullish reversal pattern and weekly close near to its high last week also seems have form a similar weekly pattern.
Closing near to its high on weekly charts, silver indicates more gains to follow. Trading currently at $24.19, support is seen at $21 day moving average of $23.70 and re-sistance at $24.60 and $25.30.
Data and Events for this week
- S PPI on Tuesday 9th Nov
- S Core CPI and CPI Month on Month on Nov 10th.
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