Gold Technical Report: Gold prices resumed upwards journey last week after witnessing a selling week earlier. The prices started the week near 50 days Exponential Moving Averageand kept climbing above throuout the week. On the way it also crossed the 10 days EMA with a force. Gold had been on decline earlier but started the rally with a gap up. Prices had reached at 7 moths low and received a much awaited relief. The short term Stochastics Oscillator is at 66 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 58 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices also moved up parallelly and posted 3 continuous solid green candles last week. The prices have crossed above all 10,50,100 and 200 days Exponential Moving Average in a single day. This strength has helped silver to cross above 24.00 mark on intra day high basis. The Short term Stochastics Oscillator is at 77 and Relative Strength Index near 61.
Fundamental Report: Gold experienced a week marked by cautious optimism, as investors weighed the implications of recent U.S. economic data and Federal Reserve policy signals. Starting the week on a strong note, gold prices gained 1% on Tuesday, buoyed by softer-than-expected U.S. consumer inflation data. This development fueled speculation that the Federal Reserve might halt its interest rate hikes. Despite a brief dip midweek, where spot gold fell 0.1% to $1,960.49 per ounce amid a strengthening dollar, the overall sentiment remained positive. The unchanged U.S. consumer prices in October and the significant drop in producer prices indicated easing inflation pressures, supporting gold prices. Friday, gold prices edged higher, consolidating their first weekly gain in three weeks. This upward trend was driven by growing investor confidence that the Federal Reserve might pause its interest rate hikes, a sentiment reflected in the weakening dollar and lower Treasury yields.