Credited: Kitco

There are reports coming out of Asia that consumer demand for gold jewelry has waned recently due to higher retail prices and due to China’s economic growth concerns.

This week’s key U.S. data releases include the FOMC meeting that begins Tuesday and ends Wednesday afternoon, the JOLTS report Tuesday, and the monthly jobs report on Friday. The Bank of England’s monetary policy decision is Thursday. The Bank of Japan’s two-day monetary policy meeting ends Wednesday. The BOJ is expected by many to raise interest rates as soon as this week. U.S. stock indexes are mostly firmer yesterday on a rebound after seeing a big sell off last week. That’s also a negative for the safe-haven metals. The key outside markets today see the U.S. dollar index firmer, hit a more-than-two-week high and are presently nearer the daily high. The benchmark 10-year U.S. Treasury note yield is presently around 4.16%.

Technically, August gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $2,433.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at $2,400.00 and then at $2,415.00. First support is seen at today’s low of $2,367.30 and then at last week’s low of $2,351.90. Wyckoff's Market Rating: 6.5.

September silver futures bears have the overall near-term technical advantage. Prices are trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $29.63. The next downside price objective for the bears is closing prices below solid support at the May low of $26.55. First resistance is seen at today’s high of $28.335 and then at $29.00. Next support is seen at today’s low of $27.45 and then at $27.00. Wyckoff's Market Rating: 4.0.

At Mercury Gold, we offer a wide range of gold bars and coins for sale in Malaysia to suit your investment needs. As a trusted source for physical gold bullion in Malaysia, we also provide secure and convenient options, including gold savings accounts (Mercury Bullion Savings (MBS) program) which starts at just RM50. Discover the best place to buy gold in Malaysia with Mercury Gold, offering competitive prices and expert guidance on where and when is the best time to buy gold in Malaysia. Explore our platform to buy gold Malaysia online, to enjoy an easy and reliable experience. Invest with confidence and let Mercury Gold be your partner in building your investment goal.

Click here to view more.