Gold Settles near $ 1700 - Bullion Mart

Gold Settles near $ 1700 – Bullion Mart

Gold climbed unto a high of $ 1759 levels on last Monday and fell back . It extended it fall below $ 1700 levels and marked as low as $ 1687 on Friday and settled below $ 1700 at $ 1697. Rising treasury yields seems to be the direct relation to fall in gold prices. Friday positive numbers in Non farm payroll and Senates passing of stimulus could pressures gold price action.

This week, Monthly CPI and Core CPI data will be released off U.S on Wednesday. Other than this there is no major fundamental data release for this week. Apart from U.S , Industrial output from Germany shows drop in numbers which is offering volatility in FX market . Euro is ticking lower and GBP is seen to mark gains, U.S dollar index is been on a gaining for past three weeks and it could take a breather before it posts further gain. Fx market volatility could indirectly offer some support for gold price and it is currently trading near to its low of $ 1697 as we write the report.

Technically, for past three weeks gold is closing lower and making new lows. Gold is currently trading at $ 1697 while writing this report and Immediate support for gold is seen at $ 1689. Weekly and daily chart indicates gold could attempt a relief rally to compensate the past three weeks of fall. Weekly Fibonacci retracement $ 1689 could act as a support for gold which is 61.80% ( $1454 – $2072) retracement support. Resistance is seen at $ 1727 and $ 1761. Meanwhile a break of support will extend its fall to $ 1672.

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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