Daily Report – 23 November 2023

23 November 2023
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2006
1986
1990
1980
+10.00
+0.50%
Silver
23.94
23.54
23.60
23.72
-0.12
-0.50%

Gold Technical Report: Gold prices remained rangebound with positive bias yesterday after rallying a day before. The prices maintained the support of 10 days Exponential Moving Average but slid below the 2000 mark due to profit booking. The main hurdle remains near recent high of 2010 . The short term Stochastics Oscillator is at 84 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 61 (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
1938
1956
1973
1996
2010
2022
2051

Silver Technical Report: Silver prices also declined parallely showing weakness below 24.00 mark. Near the day high it witnessed profit booking but managed to close above 10 days Exponential Moving Average. If this strength persists, it can try to reach Aug Highs of 25.00 mark as a new target. The Short term Stochastics Oscillator is at 79 and Relative Strength Index near 59.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
23.15
23.34
23.55
23.70
23.84
24.00
24.16

Fundamental Report: Gold price decline can be directly attributed to marginal strength in the dollar. Currently, the dollar is up 36 points or +0.34% and fixed at 103.805. This clearly illustrates that dollar strength is up the same percentage as gold futures are down. While trading will continue in Globex in Australia, Hong Kong, and London it will close in observance of Thanksgiving on Thursday and Friday. Gold still has upward momentum which is the result of a combination of factors that we spoke about in detail yesterday. Those being expectations that the Federal Reserve might have concluded raising interest rates. The geopolitical landscape still contains an excessive amount of uncertainty and risk due to the war in the Middle East and Ukraine.

Key US Economic Reports & Events
When
Actual
Expected
Previous
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