Weekly Precious Metal Report (21 June) - Bullion Mart

Weekly Precious Metal Report (21 June) – Bullion Mart

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

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

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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