Gold Technical Report: Gold prices traded rangebound with a negative bias yesterday. It made an intra day high near 10 days Exponential moving average @ 1946 but could not cross over. The primary trend support is near 200 days EMA @ 1877. If prices move above 1970 which is last 3 months TrendLine resistance, it will open room for further advancement upto the major psychological level of 2000 and above. The short term Stochastics Oscillator is at 13 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 44 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices declined further after slipping from 100 days Exponential moving average @ 23.64. The Primary Trend support is near 200 EMA @ 22.68 below which it will turn bearish. The Short term Stochastics Oscillator is at 8 and Relative Strength Index near 39
Fundamental Report : Gold prices slid marginally on Tuesday, influenced by a resurgent dollar and mounting anticipation over U.S. inflation data set to release later this week. As of 05:51 GMT, spot gold dipped by 0.1% to $1,934.26 an ounce. Concurrently, U.S. gold futures remained unchanged, positioned at $1,968.80. The dollar’s 0.2% surge against major counterparts rendered gold pricier for foreign purchasers. Central to investors’ focus this week is the U.S. inflation trajectory. While the market is aware that headline inflation is on a decline, the core inflation figures remain a significant point of contemplation for the Federal Reserve. Any pronounced solidity in this data might propel gold’s prices further downwards. Furthermore, should the Consumer Price Index (CPI) figures exceed expectations on Thursday, it might fuel speculations of another interest rate increment during the Federal Reserve’s September rendezvous. Elevated interest rates often bolster bond yields, in turn increasing the cost of holding non-yielding assets like gold.