Gold started off last week from $1827 and made a high of $1830 , as the week pro-gressed it started falling back to trade near $1783 levels , Friday finally it settled at $1787. Last week Producers price index showed Yearly basis gains of 8.3% which was higher than July data. U.S dollar index rebounded towards the closing of the week and which might have forced gold to close below $1800.
Technically, chart based resistance proves to be firm now at $1835 for gold, making this its fifth attempt since jun 21 to break and failure to trade above that levels. Hori-zontal trend line rejection followed by a close below to its key moving average could force gold to test its next support at $1770 and $1752 levels in this week. Meanwhile renewed resistance is at $1809 and $1835.
Though silver managed to pierce through its resistance at $24.50 last week. It couldn’t maintain those levels and formed Doji star close on daily chart on Monday it-self. For the remaining days of past week silver closed lower and settled the week at $23.69. Continuous rejection to trade higher brings back the bear case for silver. We could see a test of $22 levels yet again.
Data and Events for this week
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