Gold Technical Report: Last week, Gold declined on all five trading sessions making a comeback difficult for the bulls.Yesterday it started a new week also on a weaker note and posted a red Marubozu candle. Prices have reached at 7 moths low and weakness persists as it trades beow 200 days EMA @ 1888 and 10 Days EMA@ 1869 has already crossed below the same. Upside resistance lies near 1900 psychological mark and then the conjunction point of 50 days EMA and 100 days EMA near 1922 and then 1951 Horizontal TrendLine touchpoint. The short term Stochastics Oscillator is at 6 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 25 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices also moved down parallely and posted a red Marubozu candle. The prices opened at Day high and closed at day low. It has crossed below the conjunction point of 50 days EMA and 100 days EMA near 23.30 , 200 days EMA @ 23.05 and also 10 days EMA @ 22.22 all in last one week alone. The Short term Stochastics Oscillator is at 11 and Relative Strength Index near 30.
Fundamental Report: As we head into a heavily macro-driven week, the markets can take some relief from knowing that the U.S government will remain open for the next 45 days – narrowly avoiding a shutdown, which could have had devastating effects on the economy. But make no mistake, this is just a temporary “stop gap” solution. Lawmakers now have until November 17, to reach agreement on a spending bill in order to avoid a repeat of the government shutdown saga. Looking ahead, this week is all about the macroeconomics with trader’s attention firmly focused on a string of hotly anticipated market-moving events including the OPEC+ Joint Ministerial Monitoring Committee Meeting, U.S Non-Farm Payrolls Data, as well speeches from Federal Reserve Chairman Jerome Powell and his European Central Bank counterpart Christine Lagarde.