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
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