Gold
Gold recouped its loss till Wednesday to mark a high near $1787 and it then started falling down to as low as $1738 on Thursday and finally it settled just below $1750 levels to settle the week. Last week’s FOMC statement showed a new sentence added to their statement, that central bank could soon start slowing the Quantitative easing. U.S dollar rallied and adding downward pressure to gold.
Technically, short term charts and momentum indicators shows downward pressure in gold. A close above $1773 could negate the current downtrend, Currently trading at $1757, gold has now resistance seen at $1773. If the negative trading dominates gold could retest $1740 and $1733 levels this week.
Silver
Silver got supported near $22 levels last week . Trading currently at $22.80 sil-ver could aim to trade near $23.30. Nearby resistance is seen at $23.30 followed by $24 levels. U.S dollar index which is trading near to its key resistance a firm move in U.S dollar could limit gains in silver.
Data and Events for this week
- S Fed Chair Testifies Tuesday and Wednesday
- S ISM manufacturing on Friday