Daily Report – 03 November 2023

03 November 2023
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
1991
1978
1985
1982
+3.00
-0.15%
Silver
23.15
22.64
22.75
22.99
-0.24
-1.04%

Gold Technical Report: Gold displayed very rangebound movement yesterday and ended the day with a DOJI candle reflecting indecision in the market. The prices had earlier spiked up above July High levels breaking the 2000 mark but shying away from 2010 consistently. The technical pullback last 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 76 (it is considered overbought when above 51 and oversold  when below 20) and Relative Strength Index (RSI) is at 64 (it is considered overbought when above 48 and oversold when below 30).

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
1948
1960
1976
1987
2000
2020
2036

Silver Technical Report: Silver prices also declined yesterday to close below 50 days Exponential Moving Average @ 22.85 . It is trying hard to hit the Oct month highs but faces a strong resistance above 23.00 due to consistent selling pressure near the conjunction point of 100 days EMA and 200 days EMA near 23.12. The Short term Stochastics Oscillator is at 38 and Relative Strength Index near 47.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
22.00
22.22
22.50
22.66
22.89
23.00
23.13

Fundamental Report: The November FOMC meeting concluded which strengthened the dollar, taking gold lower. We may see a delayed reaction as market participants take time to evaluate all the information presented in the release statement and press conference by Chairman Jerome Powell. Although he emphatically stated that committee members were not focusing on rate cuts at all, much of what the Chairman said had a more pronounced dovish slant to it. While it was anticipated that the Federal Reserve would continue to press the pause button in regard to rate hikes, there remained uncertainty as to whether they would implement one last rate hike in December. He suggested that the Federal Reserve’s likely path through the remainder of the year would not include additional rate hikes. Considering that September’s jobs report contained a surprise coming in at almost double of economist’s projections, which were anticipating that 250,000 new jobs were added in September with the actual report revealing that 336,000 new jobs were added to payrolls. Consensus estimates for tomorrow’s October jobs report are much softer, anticipating an additional hundred and 80,000 jobs were added last month. The forecasts are also expecting the unemployment rate to remain at its current 3.8%.

Key US Economic Reports & Events
When
Actual
Expected
Previous
Average Hourly Earnings m/m
4:30 PM
0.2%
0.3%
0.2%
Non-Farm Employment Change
4:30 PM
150K
178K
336K
Unemployment Rate
4:30 PM
3.9%
3.8%
3.8%
ISM Services PMI
6:00 PM
51.8
53.0
53.6
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