Gold Consolidates - Bullion Mart

Gold Consolidates – Bullion Mart

Last week Gold started off from $ 1726 levels and paused initially at its first resistance at $ 1740 but it then took off its resistance and marked as high as $ 1755 levels on Wednesday , it couldn’t sustain above $ 1750 and gave up its gains to fall to a new weekly low of $ 1719 on Thursday. Towards the close of the week it reclaimed its losses and settled near $ 1744.

This week, there are no major Economic data release out of U.S.Fed Chair Powell speech is due on Monday , followed by Powells testifies in Housing and senate banking committee on 23rd & 24th respectively. As we write the report gold is trading near $ 1732 levels. Earlier today gold started off from $ 1746 and fell back to a low just below $ 1730 and quickly came back to $ 1736. Fed Speech could be dominating factor this week.

Technically, gold could consolidate and stay within its past two weeks range. On daily chart gold is staying with in a wedge, a flag like formation where it could possibly test both resistance and at $ 1747 and support which is seen at $ 1718 levels. A Clear break could take gold towards its $ 1760 levels. Trading currently at $ 1733, its likely to climb towards $ 1747 and test its resistance .

Data and Events for U.S this week

Bullion mart is one of the Canada’s leading Gold and Silver Dealers, Bullion mart now provides its client in UAE with the best possible customer experience in Bullion trading. We are one of the only authorized distributor of Royal Canadian Mint products in the U.A.E.  All of our stocks can be selected in our website www.bullionmart.ae. The news report mentioned here is not to be seen as an investment advice. Report is gathered from reputable online resources and chart source is Netdania.

Disclaimer: The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Please note that Bullion Mart DMCC makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this information and any and all responsibility and liability is expressly disclaimed by Bullion Mart DMCC or any of them or any of their respective directors, partners, officers, affiliates, employees or agents. Bullion Mart DMCC is registered & licensed as a FREEZONE Company under Dubai Multi commodities Centre and regulated by DMCCA

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