Strong US Dollar and yearly high by US treasury yields are putting pressure on the prices of Gold. Gold has been trading down since the start of the year. It is an eventful week from the data perspective. On Wednesday there will be a US Non farm employment data change followed by Employment data on Friday. Technically, prices are trading between 61.8% retracement and 50% retracement levels which are $1725 and $1617 respectively. Any break below $1617 could resume and extend the downward trend.
From the beginning of 2021, Silver was quite volatile. First it moved more than 14% within the first 2 months and now it is 18% down from this year’s high of $30. Silver erased the whole gain of the year 2021 and trading now in the negative territory for the year. Silver is facing strong resistance at $26.14 which is 78.6% retracement level. While on the downside, it has a support near to $23.10 that is 61.8% retracement and also a 50 weekly SMA.
Bitcoin is trading sideways ever since it made its lifetime high above $60000 before three weeks. The price is showing less volatility and trading in a broad range between 361.8% retracement and 261.8% retracement levels which are $61000 and $45000 respectively. Any confirmed breakout on either side will decide the further trend for the Bitcoin.
BRENT CRUDE OIL
Block trade drama helped prices of Crude oil close at a two week high last week. With recent announcements by Major crude producer countries to cut the production, the prices are holding their levels. For the week, it has a first resistance near to $66, while on the downside first minor support is at $64 which is 78.6% retracement and below that major support is at $59.5.
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