Precious Metals Monday 13-07-2020

<h2>Gold</h2>
<p>The gold market has started the week with fresh buying following some softening into the end of last week. Gold broke out to fresh 2020 highs last week as rising concerns over a potential second wave of the virus, as well as concerns over rising US/China tensions, drove the US Dollar lower and fuelled a safe haven bid in gold. The rally in gold has come despite the equal strength in US equities markets.</p>
<p>Traders this week will be keeping an eye on US CPI and retail sales due on Tuesday and Thursday respectively to see whether the recent data strength has extended into other parts of the economy following two bumper monthly jobs numbers. The start of US earnings season this week will also provide an insight into the health of the recovery underway in the US and could see volatility in the Dollar, equities and gold markets this week.</p>
<h2>Silver</h2>
<p>The silver market has started the week on a very firm footing with price rallying back up to test last week’s highs. The weakness in the US Dollar along with continued strength in US equities markets is helping keep silver prices well supported here. US earnings data this week will be closely watched by silver traders particularly those firms in the industrial sector from which silver derives most of its demand. Should earnings data highlight strength, this should see equities extending their rally, keeping silver prices supported. A round of central bank meetings this week will also be closely watched this week with central bankers expected to reiterated their support for the economy and readiness to ease more which should keep equities and metals markets supported.</p>
<h2>Technical Views</h2>
<p><strong>GOLD (Bullish above $1747.15)</strong></p>
<p>From a technical view point. Gold continues to push higher here, supported by the rising trend line from year to date lows. The current rally has stalled ahead of the monthly R2 at $1824.56. While price holds above the monthly pivot at $1747.15 the bias remains bullish in the near term with an eventual break of the $1824.56 the next objective for bulls.</p>
<p><img class="aligncenter wp-image-46950 size-full" title="Precious Metals Monday 13-07-2020" src="http://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54.png" alt="Precious Metals Monday 13-07-2020" width="3358" height="1570" srcset="https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54.png 3358w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54-300×140.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54-1024×479.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54-768×359.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54-1536×718.png 1536w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.51.54-2048×958.png 2048w" sizes="(max-width: 3358px) 100vw, 3358px" /></p>
<p><strong>SILVER (Bullish above $18.7293)</strong></p>
<p>From a technical viewpoint. The rally in silver has seen price breaking above the monthly R1 at $18.7293 and the prior 2020 highs if $18.9620. While above here, the near-term bias is bullish with the yearly R1 at $20.2306 the next primary resistance level to note.</p>
<p><img class="aligncenter wp-image-46949 size-full" title="Precious Metals Monday 13-07-2020" src="http://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49.png" alt="Precious Metals Monday 13-07-2020" width="3352" height="1576" srcset="https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49.png 3352w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49-300×141.png 300w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49-1024×481.png 1024w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49-768×361.png 768w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49-1536×722.png 1536w, https://blog.tickmill.com/wp-content/uploads/2020/07/Screenshot-2020-07-13-at-09.30.49-2048×963.png 2048w" sizes="(max-width: 3352px) 100vw, 3352px" /></p>
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