Gold Wanes
Gold was on a free fall last-week, started off near $ 1846 levels and was unable to trade higher than $ 1850 , it fell back below $ 1800 levels and finally settled at $ 1791 on last Friday. U.S dollar Strength forced against currencies and Gold to fall badly last week. This Wednesday Fed’s chairman Testify will be closely watched by traders to take clues of central bank actions.
Technically, Gold chart formations indicates further weakness and might take a deep dive towards $ 1760 level initially this week. Currently trading at $ 1784 levels, a firm close on multiple days above $ 1809 could reverse the current bearishness. The seasonality cycle of gold also indicates gold to fall back.
Data and Events for U.S this week
- S Fed Chair Powell Testifies on Tuesday & Wednesday.
- Non Farm Payroll on Friday December 3rd.
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