Weekly Precious Metal Report (26 July) - Bullion Mart

Weekly Precious Metal Report (26 July) – Bullion Mart

Gold marked gains at the start of last week and reversed from a high of $1825 to a fell as low as $1790 levels, towards the closing hours on Friday it climbed back to $1800 levels to settle at $1802 levels. Higher Treasury yields and U.S dollar climbing to a 3 months high is weighing on Gold price action.

Technically, as we anticipated last week gold fell below $1800 to mark low near $1790 , currently trading at $1806, weekly. Chart suggest gold could turn volatile with $1825 as resistance and support at $1790, followed by $1768 the horizontal chart based trend line support which also represents the 61.8% fibonacci retracement support.

Silver fell to its support at $24.80 levels and bounced off to trade near $$25.30 levels currently. Since June Silver is marking on lower lows and lower highs on daily char pat-tern. Which indicates us that till it closes above on a daily basis above $26.80, sellers will be active. Resistance is at at $25.80 and silver has little more room to trade lower towards its weekly trend line support at $24 levels.

Platinum and Palladium

Platinum fell below to its support at $1080and currently trading at $1064, previous support now being the resistance . Platinum could aim to trade near June month low of $1030 levels soon.

Palladium has recouped some of tis loss in past two trading sessions, currently trading at $2670, we could see a short term rally towards $2750 levels. Meanwhile a break of $2645 could pull it down to $2590.

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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