Weekly Precious Metal Report (13 Sep) - Bullion Mart

Weekly Precious Metal Report (13 Sep) – Bullion Mart

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

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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