Gold
Gold took off from $ 1890 levels last week and attempted to trade higher above $ 1900 , but found stiff resistance at $ 1903 and started sliding towards its $ 1869 support on Thursday, which we indicated on our previous weeks report. Gold bounced off on Fri-day and attempted to break $ 1900 levels which it failed , lack of upside momentum made gold to finally settle the week near $ $ 1876.
Technically points lower, weekly chart indication is hammer close followed by a lower than previous week’s close should prompt sellers to be active if we see bounce in gold’s price action. Falling trend line resistance is seen at $ 1890 levels for this week followed by resistance at $ 1914. Currently trading at $ 1865 levels, after a low of $ 1860 which happens to be the 23.6% Fibonacci retracement of the recent highs. Gold could find some support at $ 1839 the 200 day moving average on a daily close basis for this week.
Silver
Silver a similar price movement of Aug’20 and Feb’21 getting rejected off $ 30 levels. Weekly trend line resistance is now seen at $ 28.40 and next support for silver could be seen at $ 27. Silver slide is expected to see bleak support at $ 27.23 on a daily close basis. Commercial shorts in silver seems to be growing and we can see some corrective pull back. Though silver fundamental is still bullish ,but failure of taking on its re-sistance at $ 30 levels could prompt sellers to be active so that they and sell now and add it back later.
Platinum and Palladium
Both Platinum and palladium is trending lower below to its 50 Day moving average and the current economic conditions is adding downward pressure for both of the metal. Short term chart indicates in palladium 20 day moving average has crossed lower to its 50 day moving average which indicates more downside prevails. Similar action is seen in platinum with next support is seen at $ 1130 levels.
Data and Events for U.S this week
- S Retail Sales and Core Retail sales on Tuesday 15th June.
- FOMC statement on Wednesday 16th of June.
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* Chart Source Netdania