Gold Snaps 4 weeks of Gain - Bullion Mart

Gold Snaps 4 weeks of Gain – Bullion Mart

Last week gold maintained above $ 1900 levels on Monday and spiked unto as highs $ 1916 levels on Tuesday. It gave up its gain and fell back to $ 1892 levels , Wednesday it popped up back to $ 1910 and dropped in a massive sell of to $ 1865 , on Friday it made a new weekly low of $ 1856 levels and baulked back to close the week at $ 1890 . Follow through selling were expected in gold after it failed to maintain above $ 1900, but after Fridays US employment report U.S dollar fell which in turn might have supported gold from a further sell off.

This week, there is no major Economic data out from U.S , Except CPI month on Month on Thursday 10th of June. CPI which indicated Change in price of Goods and services purchased by consumers of U.S. IF the economy doesn’t improve U.S dollar printing could pick up on pace and put pressure on U.S dollar index to fall back. Fall in U.S dollar could help gold to pick up momentum back above $ 1900 levels. Lack of no major fundamental data release could also help gold to make some volatile moves this week.

weekly and short term charts. Weekly gold chart picture suggest after 4 weeks of gains and failure to hold above $ 1900 could prompt gold to test its support at $ 1835 levels as it has formed a Hammer kind of close on higher levels of chart. Weekly resistance is at $ 1914 and nearby support for this week is seen at $ 1869. Meanwhile short term charts based on 30 minutes indicates some support at $ 1876  levels where gold could bounce off from there to retest its $ 1914 levels again.

Data and Events for U.S this week

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

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 bullionmart.ca and 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.

This content was originally published here.

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