Gold As we anticipated on last weeks report gold was on white water fall for the whole trading sessions of last week. It opened at $ 1877 and made new lows on a daily close basis to fell as low near to $ 1761 levels on Friday and settled the week at $ 1764/1765. Comments out of FOMC, after their meeting on last Wednesday triggered impressive recovery in U.S dollar to post gains to the levels which it was seen in late 2020.
Technically, after a major fall of more than $ 100 in a week gold could attempt to re-cover which may not sustain and rallies could see sellers stepping in. On Daily Chart pattern, At $ 1796, gold has Fibonacci 50 % resistance of the recent rally and it could face congestion at $ 1796/$1800 levels. 100 Day moving average is also seen at $ 1794 levels at the time of writing this report. Currently trading at $ 1773 levels, after a low of $ 1760 sell on bounce is expected to be seen in Gold with next support seen at $ 1728 the next Fibonacci support. On Short term charts, gold has resistance at $ 1782 and support at $ 1760 followed by $ 1750.
Silver marked a 7% fall in price last week taking down its all key moving average support and cracked opened its support levels to fall from $ 28 to $ 25.75 levels and finally settled the week at lows. Physical demand still seems to be decent which could support fall in price of silver. With the current volatility of the Market silver has placed itself on a range between $ 24 and $ 28 levels.
Platinum and Palladium
Both Platinum and palladium also followed the course as other precious metal and both of the metal marked a 10 + % of fall last week. Platinum has strong support near $ 1000 levels and it could recoup its some of the lost ground to trade higher than $ 1100. Palladium after a fall below to its key moving average could post a relief rally capped at $ 2640 levels.
Data and Events for U.S this week
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