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
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* Chart Source Netdania
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