Gold Technical Report: Gold prices traded rangebound with positive bias and registerd a green DOJI. It took support of 100 days EMA @ 1912 and recovered in the end. The technical pullback on Monday was strong enough to cross above 50 days, 100 days and also 200 days EMA in a single day. Gold has been on decline throughout earlier 2 weeks but opened the last week with a gap up. Prices had reached at 7 moths low and received a much awaited relief. The strength prevails till prices sustain the crucial 1900 mark. The short term Stochastics Oscillator is at 92 (it is considered overbought when above 51 and oversold when below 20) and Relative Strength Index (RSI) is at 63 (it is considered overbought when above 48 and oversold when below 30).
Silver Technical Report: Silver prices moved up with conviction crossing 50 days EMA @ 22.80 but witnessed selling pressure near 100 days EMA @ 23.00 mark and could not cross beyond. Silver is trying hard to recover from the downfall it faced for last two weeks. Next target is near Sep Highs 23.76 after crossing the conjunction point of 100 days EMA and 200 days EMA successfully. The Short term Stochastics Oscillator is at 83 and Relative Strength Index near 58.
Fundamental Report: Gold, a timeless symbol of wealth and stability, has seen modest gains in recent times, largely in response to the extreme uncertainty pervading the Middle East. The ongoing tumult in the region, has once again demonstrated the unique role gold plays in financial markets. Gold has, throughout history, functioned as a haven asset. In times of uncertainty and crisis, investors often flock to gold as a means of safeguarding their wealth. The tumultuous situation in the Middle East has bolstered this ‘haven’ aspect of gold, with the precious metal finding reliable support at its current price point. The recent performance of gold speaks to the growing interest in this asset class. This month alone, gold prices have risen by more than 4%, and there’s every indication that this upward trend may continue. The escalating conflicts in the Middle East have left investors seeking refuge in gold, driving demand and price appreciation.