Weekly Precious Metal Report (09 Aug) - Bullion Mart

Weekly Precious Metal Report (09 Aug) – Bullion Mart

Gold Yet again traded near $1830 on last Wednesday and started descending to fall below to its support and closed near $1760 on Friday. Positive numbers Non farm payrolls might have been the trigger to take gold lower. Earlier today in Asian session as the market opened it collapsed to $1680 levels and has recouped to trade currently at $1751 as we write the report.

Technically, daily chart picture is terrible for gold now and we need to see on close ba-sis to get further clues for the price action. After the market crash to $1680 levels, gold has swiftly regained $1750 levels, but the rebound could face resistance at $1768 and $1790 its earlier support. A close today above $1730 could avoid further damage to chart picture for gold. Till then the new trading for gold could be $1790 / $1680.

Silver following gold’s price movement, silver found resistance last week at $26 as we anticipated and fell exactly to its Horizontal Trend-line support near $24 levels last week. Earlier today silver too collapsed to $22.05 and currently trading near $23.91. Silver could struggle now to beat its $24.50 levels and needs a firm move and close above $24.50 on daily close basis to improve its chart picture.

Data and Events for 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 re-sponsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a re-sult 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 com-modities Centre and regulated by DMCCA
* Chart Source Netdania

This content was originally published here.

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