Gold Technical Report: Gold prices remained in narrowrange to close with a green DOJI after making an intraday high near the 10 days Exponential Moving Average @ 1922. Main support level is near 200 days EMA @ 1867 and main resistance level is near 50 days EMA @ 1948 to trade stronger. The short term Stochastics Oscillator is at 37 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 43 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: The silver prices moved upwards and crossed above 10 days EMA @ 22.88. The main support is near 200 days EMA @ 22.38 and main resistance level is near 50 Days EMA @ 23.48 to show strength. The Short term Stochastics Oscillator is at 34 and Relative Strength Index near 45.
Fundamental Report: The There is no denying that the previous quarter was monumental for monetary policy as central bankers across the world ramped up their fight against stubbornly high inflation, while acknowledging that inflationary pressures could persist for years. That hawkish message was relayed loud and clear at the European Central Bank’s Annual Forum – where a host of heavy hitters from the Federal Reserve, the Bank of England and ECB signalled that more aggressive action will be needed to bring inflation down towards their 2% target. The rising cost of living as a result of rampant inflation, is a truly global phenomenon. Data shows that every economy around the world right now, is fighting significant price growth due to the effects of the Covid-19 pandemic, global supply-chain disruptions, unprecedented monetary stimulus measures, Russia’s on-going war in Ukraine and of course a return of the global energy crisis, which has flared up again after European Natural Gas prices racked up a triple digit gain in June – sending prices skyrocketing to levels not seen since last summer.
Looking ahead, a data-heavy week in the United States includes the U.S. Labor Department’s job openings and labor turnover survey, the monthly payrolls report, and the release of the minutes from the June 13-14 Fed meeting. These releases may provide further insights into the economic conditions and potential impacts on the Federal Reserve’s decision-making.