Gold
Gold marked gains at the start of last week and reversed from a high of $1825 to a fell as low as $1790 levels, towards the closing hours on Friday it climbed back to $1800 levels to settle at $1802 levels. Higher Treasury yields and U.S dollar climbing to a 3 months high is weighing on Gold price action.
Technically, as we anticipated last week gold fell below $1800 to mark low near $1790 , currently trading at $1806, weekly. Chart suggest gold could turn volatile with $1825 as resistance and support at $1790, followed by $1768 the horizontal chart based trend line support which also represents the 61.8% fibonacci retracement support.
Silver
Silver fell to its support at $24.80 levels and bounced off to trade near $$25.30 levels currently. Since June Silver is marking on lower lows and lower highs on daily char pat-tern. Which indicates us that till it closes above on a daily basis above $26.80, sellers will be active. Resistance is at at $25.80 and silver has little more room to trade lower towards its weekly trend line support at $24 levels.
Platinum and Palladium
Platinum fell below to its support at $1080and currently trading at $1064, previous support now being the resistance . Platinum could aim to trade near June month low of $1030 levels soon.
Palladium has recouped some of tis loss in past two trading sessions, currently trading at $2670, we could see a short term rally towards $2750 levels. Meanwhile a break of $2645 could pull it down to $2590.
Data and Events for this week
- FOMC Statement on Wednesday Jul 28
- Advance GDP quarter to quarter on Thursday Jul 29th
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