Gold Rebounds - Bullion Mart

Gold Rebounds – Bullion Mart

Gold was on a free fall last-week, it spiked to as high as $ 1816 levels to start the week and remained on downwards bias as we anticipated in our earlier report. On last Friday, towards the close of the market it marked as low as $ 1717 levels. U.S Dollar Index posted an impressive gains, also rising U.S bond yield resulted in a whitewater fall in Gold prices.

This week, Asian Manufacturing activities shows positive numbers offers some support for Asian equity markets for recovery and rollout of vaccination drives helps to lay path for a recovery in economic activities. Later today ISM numbers of U.S will be released, followed by Wednesdays Private Employment data. On Friday U.S Non Farm payroll is forecasted to be +130 k.Open interest of positions in Gold futures is seeing contraction which hints about money moving out of Gold. An Impressive recovery in gold price action could appeal traders to go long again.

Technically, last two weeks we have seen the short term moving average has crossed own to the long term moving average ie: 50 & 100 day moving average has crossed down to 200 day moving average. Which adds pressure to gold price as and when it tries recovers it gets rejected. After a massive fall in price in a week of nearly $100 loss last week an attempt to recovery is seen , currently trading at $ 1755 gold has to cross tough resistance at $ 1757 as we write the report and next major Fibonacci retracement resistance at $ 1773 levels. Meanwhile $ 1740 could offer a bleak support and Bears could target again to take out the last weeks low of $ 1717.

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.ca. 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. * Chart Source Netdania

This content was originally published here.

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