Weekly Report: Gold Sideways - Bullion Mart

Weekly Report: Gold Sideways – Bullion Mart

Gold started last week at $1734 and briefly fell to a low of $ 1721 levels on Monday, as the week progressed gold gained and marked as high as $ 1758 levels. on Friday it fell back from its high and tested support at $ 1730 and climbed higher to settle at $ 1743 levels.

Earlier today Fed’s Powell commented, that Fed will support economy until economic recovery is complete and Fed does want inflation “moderately” above 2% for sometime. In Asian hours of trading U.S dollar index seems to be gaining behind those comments. Tuesday CPI data will be released and Thursday Core retail sales of U.S .

Technically, Weekly chart shows a falling trend line resistance for gold at $ 1755 and it could attempt to get through this resistance , as we write the report gold attempted to trade above $ 1745 but fell back to $ 1735 and climbed back to $ 1744 levels. Since it fell below to its 50 day moving average on February 2nd , gold lacks momentum to take on its 50 day moving average resistance  and trade above to that. Today chart picture suggests us that 50 Day moving average is at $ 1755 levels. This week its a good indication for those who are long , as for last two days gold has precisely touched its resistance and fell back, but its repeatedly attempting to surpass its all the short term resistance. Support is way below for gold now seen at $ 1724 & $ 1717 levels.

Data and Events for U.S this week

Bullion mart is one of the Canada’s leading Gold and Silver Dealers, Bullion mart now provides its client in UAE with the best possible customer experience in Bullion trading. We are one of the only authorized distributor of Royal Canadian Mint products in the U.A.E.  All of our stocks can be selected in our website www.bullionmart.ae. 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.

Disclaimer: 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 DMCC 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 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 DMCC or any of them or any of their respective directors, partners, officers, affiliates, employees or agents. Bullion Mart DMCC is registered & licensed as a FREEZONE Company under Dubai Multi commodities Centre and regulated by DMCCA

* Chart Source Netdania

This content was originally published here.

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