Global stocks and precious metals trading steady on Monday in hopes of the strong economic recovery after last week jobs report pointed to a continued rebound in the US economy. The main attraction for this week the FOMC will release the minutes of its June meeting and ECB minutes. On the other hand, the investors expected to remain concerned about the spread of high infections Delta virus variant and its impact.
The overall momentum remains mixed for the metal after it plunged to more than a 2-months low of $1750 during the last week. While the safe-haven metal quickly rebounded and touched a new weekly high of $1794 on Friday supported amid concerns over the spread of the Delta variant of COVID-19 across the world.
This week if the price breaks below 1750 which would open doors towards 1730 and below that 1710/00 is next. On the upper side, 1795/97 the key resistance zones to watch, if the gold breaks and close above this area then the next supply level to watch around 1820/30.
The US dollar climb to a fresh 3-month high of 92.70 last week but the index closed slightly lower on Friday after the US NFP numbers failed to impress the USD buyers.
For this week, the king dollar supported at 91.40 level, any break below this level will open the doors to 91.10 and 90.80. On the other upper side, the first immediate resistance around 92.90 and then 93.40.
The currency pair remained under pressure for the whole last week except the Friday gains. The key data’s for Euro-Dollar for this week will once again be the FOMC as we get the latest minutes from their most recent meeting.
For this week, the key support will be the same as the last week low 1.1800, below which the slide could further get extended towards 1.1770 then 1.1740/20. On the flip side, the immediate resistance is seen at 1.1890 any break above this level will open 1.1910/40.
Dow Jones and all other US indices ended higher last week boosted by stronger-than-expected US Non-farm payrolls report. Considering the bullish rally this week the Dow traders should closely monitor Wednesday’s FED meeting minutes for clues on the timing of forthcoming changes to Fed policy settings.
This week the resistance for Dow is around 34,850, any break over targets 35,100/250. On the other side, the immediate support is at 34,350 and any break will drag the Dow Jones to 34,200/00 levels.
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