Weekly Precious Metal Report (11 Oct) - Bullion Mart

Weekly Precious Metal Report (11 Oct) – Bullion Mart

Gold maintained within a range last week till Thursday, started off from $1760 and marked a high of $1770 levels on Monday, but it then fell back to $1746 levels. Friday it popped up for a while to $1780 levels and finally settled the week at $1756 . Comments by Major Central bank and Economist on Thursday, that the inflation is going to stay here for longer period might have been the trigger to pop up till $1780 levels , but higher price could not sustain and pushed it back lower towards the close of the week.

Technically, Chart pattern suggest gold has been capped at key Retracement resistance near $1773, followed by moving average resistance near $1780 levels. Till we don’t see multiple close on daily basis above to its resistance $1773 , downward pressure in gold could take gold near to its August lows. Currently trading at $1757, short term chart suggest resistance at $1760 and support at $1746/1748 levels.

Silver marked a high near to tis resistance at $23.18 last week, the levels which we were anticipating on our last weekly report. Trading currently at $22.70 levels, chart pattern suggest silver is struggling to close higher highs on weekly charts. Resistance seems to be intact near $23.30 for this week and support at $22 followed by $21.40 levels its previous weeks lows.

Data and Events for this week

• U.S CPI & Core CPI month on month on Oct 13th
• U.S Producers Price Index on Oct 14th
• U.S Retail Sales & Core Retail Sales on Oct 15th

Disclaimer: 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 Netdania.

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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