Daily Report – 06 July 2023

06 July 2023
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
1935
1914
1916
1925
-9.00
-0.47%
Silver
23.30
22.77
23.13
22.95
+0.18
+0.78%

Gold Technical Report: Gold prices rose initially to make an intraday high touching 100 days EMA @ 1934 but slipped from there to close below the 10 days Exponential Moving Average @ 1921. Main support level is near 200 days EMA @ 1869 and immediate resistance level is near  50 days EMA @ 1946 to trade stronger. The short term Stochastics Oscillator is at 40 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 42 (it is considered overbought when above 70 and oversold when below 30).

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
1869
1888
1900
1919
1946
1973
2000

Silver Technical Report: The silver prices opened near 10 days EMA @ 22.97 and marched up to make intra day high near 100 DMA @ 23.34 . The main support is near 200 days EMA @ 22.38 and main resistance level is near 50 Days EMA @ 23.47 to show strength. The Short term Stochastics Oscillator is at 46 and Relative Strength Index near 48.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
22.38
22.75
22.97
23.18
23.47
23.86
24.00

Fundamental Report: The minutes from the June meeting supported the expectation of higher interest rates, leading to some profit-taking in gold. The focus now turns to labor market data, China’s export controls, and Janet Yellen’s visit, which could shape the near-term sentiment for gold prices.The gold prices are trading in narrow range as investors eagerly anticipated a wave of U.S. economic data that could impact the Federal Reserve’s policy trajectory. The minutes of the June meeting reaffirmed the expectation of higher interest rates in the future, causing some unwinding in gold prices from previous bullish positions. The upcoming U.S. Labor Department’s Job Openings and Labor Turnover Survey (JOLTs), as well as updates on China’s export controls on semiconductor metals and U.S. Treasury Secretary Janet Yellen’s Beijing visit. The Federal Reserve expressed a united front at the June meeting, deciding to hold interest rates steady as a means of buying time to assess the need for further rate hikes. Traders have now priced in an 89% chance of a 25-basis-point rate hike in July. Rising U.S. interest rates increase the opportunity cost of holding non-yielding assets like gold, adding pressure to the precious metal. Market participants will also closely monitor the U.S. labor market data on Friday, particularly wage pressures. They are seeking insights into the trajectory of Fed policy.

Key US Economic Reports & Events
When
Actual
Expected
Previous
ADP Non-Farm Employment Change
4:15 PM
497K
226K
278K
Unemployment Claims
4:30 PM
248K
247K
239K
ISM Services PMI
6:00 PM
53.9
51.3
50.3
JOLTS Job Openings
6:00 PM
9.82M
9.93M
10.10M
The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Please note that ISA BULLION DMCC makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this information and any and all responsibility and liability is expressly disclaimed by ISA BULLION DMCC or any of them or any of their respective directors, partners, officers, affiliates, employees or agents ISA BULLION DMCC is registered & licensed as a FREEZONE Company under the Rules & Regulations of DMCCA.