Weekly Precious Metal Report (01 Nov) - Bullion Mart

Weekly Precious Metal Report (01 Nov) – Bullion Mart

Gold corrects : Gold fell back to its support after marking a high near $1809 levels last week. As we anticipated gold fell towards its moving average support and kept steady indicating a corrective price action. U.S dollar Index is showing steady climb on charts , the only factors which is currently weighing on gold. Later this week, U.S Fed FOMC statement will be out on Wednesday followed by Unemployment rate on Friday.

Technically, Correction in price might be followed by an attempt to regain the lost ground above $1800 for gold. Currently trading at $1787 levels gold could reattempt to trade near $1800 and $1812 levels. Meanwhile support is now seen at $1775. Short term moving average ( 21 day MA) for gold is currently seen at $1775 levels and the short term moving average is likely to cross over the 50 Day MA, given a close above $1812 this week gold could regain its upside momentum.

Last week silver failed to clear $24.80 and has came back to trade near $24. It seems like silver is on a wait and watch for the fundamental/economic developments. Many of the Industrial metals has shown impressive gains recently and silver is yet to display its real strength. Trading currently at $23.85 , silver could reattempt last week’s high of $24.60 levels.

Data and Events for this week

Bullion mart is one of the Canada’s leading Gold and Silver Dealers, Bullion mart provides its client with the best possible customer experience in Bullion trading. We are authorized distributor of Royal Canadian Mint products in Canada.  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 investing.com.

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 doesn’t not provide a platform for trading or futures and our service is to provide physical precious metals bars & coins. Bullion mart 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 which may arise due to their respective actions or sides taken in trading or  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 or any of them or any of their respective directors, partners, officers, affiliates, employees or agents. Bullion Mart is registered brand name of the online retailing /trading or service offered by Asia Pacific International Canada.

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