Gold
Gold took off its resistance last Monday and fell back to $1780 levels , but it then ral-lied higher to $1819 and closed the week at $1816. Comments out of Jackson hole symposium by FED chairman Powell on Friday helped gold to mark maintain its upside momentum, earlier today in Asian hours gold marked as high as $1823 and currently trading near $1810.
Technically, gold has given up its gains from its 38.20% fibonacci levels resistance and could possibly revisit $1796 to test its Support. Short term charts indicates RSI and stochastic on over bought territory. Positive numbers from August jobs report and key economic data release could lead U.S dollar index to take clear direction. Past seven trading session U.S dollar index has fell back from its high levels and we could see a U.S dollar recoup rally, which in turn lead gold to test its support at $1796.
Silver
Silver except last Thursday closed higher high on daily close basis . Yet again silver proved its strong support near $23 levels. At present we can see a cap near $24.50 levels on a daily chart basis. Trading currently at $23.98, near by support is seen at $23.85.
Data and Events for this week
- S Non Farm on Friday 3rd Sep
- Unemployment rate 3rd Sep.
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