Weekly Precious Metal Report (16 Aug) - Bullion Mart

Weekly Precious Metal Report (16 Aug) – Bullion Mart

Gold was volatile last week, after Mondays low of $ 1680 levels, gold gathered upside momentum. For the remaining sessions gold climbed to its weekly high near to $ 1780 levels and settled near to that level. U.S dollar index remained volatile last week, geo political events and rising COVID cases in U.S could be the reason behind it. FOMC meeting minutes is due later this week and traders could keep a close eye on Tapering related news.

Technically, after a major fall on last Monday, gold managed to close just above $ 1730 and it might have been the trigger for traders to take long position last week. Looking at the U.S dollar chart which indicates an uptrend in U.S dollar index, further gains in U.S dollar could limit the Golds price gains. Currently trading at $ 1773 gold has re-sistance near $ 1790 and near by support is at $ 1769 and $ 1754.

Silver after falling below to its trend line support at $ 24. Silver came up to its high of $ 23.80 levels and it is currently trading at $ 23.50 levels. The earlier support now re-sistance for silver $ 24. $24 to $24.50 silver could see some congestion and chart watchers could take a sell position , a multiple close above $ 24.50 could change the current picture. Where as $ 23 could be seen as support on Daily chart.

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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