Gold
Gold was volatile last week, after Mondays low of $ 1680 levels, gold gathered upside momentum. For the remaining sessions gold climbed to its weekly high near to $ 1780 levels and settled near to that level. U.S dollar index remained volatile last week, geo political events and rising COVID cases in U.S could be the reason behind it. FOMC meeting minutes is due later this week and traders could keep a close eye on Tapering related news.
Technically, after a major fall on last Monday, gold managed to close just above $ 1730 and it might have been the trigger for traders to take long position last week. Looking at the U.S dollar chart which indicates an uptrend in U.S dollar index, further gains in U.S dollar could limit the Golds price gains. Currently trading at $ 1773 gold has re-sistance near $ 1790 and near by support is at $ 1769 and $ 1754.
Silver
Silver after falling below to its trend line support at $ 24. Silver came up to its high of $ 23.80 levels and it is currently trading at $ 23.50 levels. The earlier support now re-sistance for silver $ 24. $24 to $24.50 silver could see some congestion and chart watchers could take a sell position , a multiple close above $ 24.50 could change the current picture. Where as $ 23 could be seen as support on Daily chart.
Data and Events for this week
- S Fed Chair Powell speech on Tuesday
- FOMC meeting minutes on Aug 18th
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