Gold Technical Report: Gold continued retracement for second consecutive day yesterday after rallying for earlier 3 straight sessions. The prices are spiking up to May High levels breaking the 2000 levels but shying away from 2010 consistently. The technical pullback this month was strong enough to cross above 50 days, 100 days and also 200 days Exponential Moving Average in a single day. On the reverse, the 10 days EMA has also crossed 200 days and 50 days EMA signifying strength. Gold had been on decline throughout earlier but started the rally with a gap up. Prices had reached at 7 moths low and received a much awaited relief. The short term Stochastics Oscillator is at 78 (it is considered overbought when above 51 and oversold when below 20) and Relative Strength Index (RSI) is at 62 (it is considered overbought when above 48 and oversold when below 30).
Silver Technical Report: Silver prices have also declined parallelly yesterday after 2 days of climbing up. It tried hard hitting the last month highs but faced a resistance near those levels . Silver is trying hard for last two weeks to recover from the downfall it faced earlier. Next target is recent Highs near 23.78 after crossing the conjunction point of 100 days EMA and 200 days EMA successfully. The Short term Stochastics Oscillator is at 61 and Relative Strength Index near 48.
Fundamental Report: Gold entered November on shaky ground, as markets fixate on the U.S. Federal Reserve’s upcoming policy announcement. Last month, geopolitical unrest in the Middle East propelled the metal above the coveted $2,000 an ounce mark. Despite the previous surge, the gold market appears to be treading water, exhibiting signs of fatigue after a 7.3% rally in October. Investors are keenly awaiting the Fed’s interest rate decision, expected to remain unchanged. The central bank’s assessment of the U.S. economy and its future monetary policy will be closely scrutinized. Fed Chair Jerome Powell’s press conference, following the meeting’s conclusion, will also be in the spotlight. Although the majority of policymakers have indicated that they don’t expect rates to climb further, they have been citing tighter financial conditions due to higher Treasury yields as a significant concern.