Gold
Gold maintained below $ 1796 last week, it took of from $ 1760 levels on Monday to peak ed at $ 1794.90 on Wednesday , as the week progressed it fell back to near $ 1773 and towards the week’s close it finally settled near $ 1778. After a major fall on previous week, gold remained in a range last week. A sudden fall in price has triggered some physical demand out of India , as it is evident that the physical premium india is seen to be improving.
Technically, after a major fall on previous week , gold still maintains a technical down-ward bias , the resistance seems to be at the same level of $ 1796 , a close above $ 1796 on daily basis could change the current downtrend. Renewed hourly basis chart suggest a falling trend line resistance near $ 1789. Support is at $ 1766 the horizontal trend line support of the previous fall .
Silver
Silver after a 7% fall in price previous week , silver seems to have been placed well inside the Fibonacci retracement levels . From the April lows of $ 23.80 and May high of $ 28.70 levels, silver is on 50 % retracement levels currently trading at $ 26.10 levels. With the equity markets showing a decent recovery industrial demand could support silver from further fall. Trading range for silver is seen at $ $ 24.80 and $ 26.85 on a daily chart patterns.
Platinum & Palladium
Palladium is on a positive territory on short term charts which points for further gains , trading currently at $ 2647 , palladium should take on its next resistance at $ 2785. Platinum on other hand, after marking for last 6 daily sessions of higher close on daily close basis. Its trading near to its resistance at $ 1123 levels on charts. Momentum indicators shows platinum could take dip back to $ 1000 levels, before it post further gains.
Data and Events for U.S this week
- Non Farm Payroll on Friday 2nd July.
- S Unemployment Rate on 2nd July.
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