Daily Report – 07 March 2023

07 March 2023
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
1858
1844
1847
1855
-8.00
-0.43%
Silver
21.28
20.95
21.02
21.23
-0.20
-0.94%

Gold Technical Report: Gold prices, after moving up for all five trading days last week, took a beating yesterday but managed to close above 10 DMA @ 1832. Since 50 DMA @ 1869 is trading  over 200 DMA @ 1775,  the medium term trend looks upwards. The major support stands at 200 DMA below which the trend may turn bearish. The short term Stochastics Oscillator is at 84 and Relative Strength Index is at 49.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
1800
1814
1832
1848
1869
1900
1919

Silver Technical Report: The silver prices too, following the suit retraced back into red but closed above from the 200 DMA @ 20.93. The medium term trend can be considered up only if the prices move above 100 DMA @ 22.04. The Short term Stochastics Oscillator is at 70 and RSI momentum near 38.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
20.38
20.60
20.94
21.08
21.31
21.62
21.62

Fundamental Report: On Tuesday the chairman of the Federal Reserve Jerome Powell will address the Senate Banking Committee marking the beginning of a two-day event. The following day Jerome Powell will testify to the House Financial Services Committee a semi-annual event. According to a press release by the Financial Services Committee they announced the following hearing notice, “Full Committee Hearing with Fed Chair Powell; Oversight & Investigations Subcommittee Hearing on Biden Administration’s Wasteful Spending and Regulatory Overreach”. Powell’s testimony will be followed by the Labor Department’s nonfarm payroll jobs report on Friday, March 10. According to FA-Mag.com (Financial Advisor), two Federal Reserve policymakers cautioned that the recent stronger-than-expected jobs report could push them to raise interest rates by more than previously expected. This is one of the primary reasons that next week’s jobs report, one of the last critical reports used by the Federal Reserve in their decisions for the upcoming March FOMC meeting will be key. The last major report to be released before the FOMC meeting is the CPI inflation index which will be released on March 14. These events most certainly will have a strong impact on the market sentiment of investors.

Key US Economic Reports & Events
When
Actual
Expected
Previous
Fed Chair Powell Testifies
7:00 PM
NA
NA
NA
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