Weekly Precious Metal Report (08 Nov) - Bullion Mart

Weekly Precious Metal Report (08 Nov) – Bullion Mart

Gold on Upswing : Gold following a remarkable recovery in private employment data on Wednesday it fell to its support at $1760 levels .but it then reversed from its corrective price action on Thursday and Friday to quickly climb towards its resistance at $1812 and finally settled the week near to its high at $1816 . Fed’s comments followed by Fridays Non Farm Payroll data reflected in U.S treasury bonds to slump and gold to climb.

Technically, gold’s short term moving average has perfectly pierced through the long term moving average . Indicating further advance in gold price action to follow. Cur-rently trading at $1815 levels, a drop in price could find support at $1796, followed by $1786 the 21 and 100 day moving average . Meanwhile upswing could find resistance at $1834 and $1849 levels.

Based on Daily charts Silver is showing a bullish reversal pattern and weekly close near to its high last week also seems have form a similar weekly pattern.

Closing near to its high on weekly charts, silver indicates more gains to follow. Trading currently at $24.19, support is seen at $21 day moving average of $23.70 and re-sistance at $24.60 and $25.30.

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.

This content was originally published here.

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