Gold Aims $1834
Last week gold recovered from its previous week’s loosing streak and as the week pro-gressed it marked gains , from a low of $1760 on Monday Friday it marked as high as near $1815 levels. Towards the close of the week gold saw some profit booking and finally settled the week near to $1791 levels. All major central banks are expecting higher inflation rates in coming months and as and when the hints and comments are out in the market gold is gradually building its upside momentum.
Technically, Currently trading at $1802 levels gold has cleared above to its 50 Day ( $1780) and 100 day ($1791)moving average on a daily close basis on charts ,which hints about more bullish price action to follow. With chart pattern tilting towards bull-ishness, traders could see any fall in price as an opportunity to buy. Support for gold is seen at its Moving average given above and Price action could be gradually looking for a close above $1815 levels, where as its next resistance is at $1834.
Silver
Silver made a remarkable recovery on weekly close basis the previous week. On daily charts it indicates trading near to its sept high of $24.80 and silver has gathered enough upside momentum to take on its $24.80. With the Festival season in india around silver could find good physical demand out of India , as silver is seen as poor mans Gold. Trading currently at $24.40 , silver is poised to surpass its resistance at $24.80 and march towards $26 levels as its next target.
Data and Events for this week
- S Advance GDP on Thursday Oct 28th
- S Chicago PMI on Oct 29th
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