Prices usually move up and down around the average level.
On Thursday September 1, spot gold remained in a narrow range before the European market, and is still under pressure below the pivot point. 1704.44 is the primary support, and the rebound should pay attention to the resistance at 1710.43.
On Wednesday August 31, spot gold fluctuated downward, falling below the $1,710 mark twice, and finally closed down 0.72% at $1,711.12 per ounce.Spot silver failed to recover the $18 mark, and finally closed down 2.69% at $17.99 an ounce.
With critical news coming from the U.S job market on Friday, volatility is ticking up as traders prepare for a hard landing. Natural Gas and U.S Dollar prices remain the bull story of the year, just how far can this go?
On Wednesday (August 31), spot gold in the Asian session continued to be under pressure below the pivot point of 1729.79, and is currently testing the first support at 1720.65. If it falls below, it will look at 1704.44. Spot silver also tested the main support down.WTI crude oil fell to 1% on the day, with support at 90.81. The dollar index rose back above the pivot point, with the first upside target focused on 108.94.
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On Tuesday August 30, spot gold rose and fell, and the U.S. market was close to the 1720 mark, and finally closed down 0.61% at $1727.24 per ounce; Spot silver continued to decline, fluctuating around 18.40 in late trading, and finally closed down 1.7% at $18.43 per ounce.
On Tuesday August 30, spot gold fell below the pivot point at 1731.64 before the European market, and the first support was at 1725.92, which has now rebounded.Spot silver remains bullish, subject to the first resistance at 18.77. WTI crude oil fluctuated in a narrow range, once approaching the primary upward target of 97.75 during the session.
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On Monday August 29, spot gold once fell below $1,720 to a one-month low, then recovered most of the lost ground in the day, and finally closed down 0.03% at $1,736.83 per ounce. Spot silver fluctuated in a narrow range and finally closed down 0.75% at $18.76 per ounce.
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The Week Ahead - West Edition
Currencies come and go. According to Bloomberg, over $10 billion in unredeemed outdated currencies circled in the EU after the euro was introduced.