I expect spot gold to trade over $1956 key resistance. For spot silver, I will look for the ability/inability to break past $25.00 today and next week.
This week, data is coming regarding jobs and employment, plus the Personal Consumption Expenditures (PCE) index. There's so much information in very thin trading markets.
Gold and silver rose last week and yesterday due to lack of major US economic data releases. There was a delinking from rising bond yields and rising US dollar index.
The near-term for gold is not that positive with U.S. real yields surging and the greenback on the rise. Gold is likely to be stronger 12 months from now.
Gold (and gold stocks) are showing some signs of life despite Powell's hawkish statements. Big event for the week is the U.S. job numbers on Friday September 1.
