Gold Technical Report: Gold prices remained rangebound yesterday after rallying initially during the week. 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 80 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 60 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices are also trading nervously 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 78 and Relative Strength Index near 58.
Fundamental Report: Gold prices are poised closer to the significant $2,000 mark, driven by a weaker U.S. dollar and lower Treasury yields. Spot gold reached $1,995.10 per ounce, a slight increase of 0.22%, and even touched a three-week high earlier in the week. U.S. gold futures also saw modest gains. Gold still has upward momentum which is the result of a combination of factors such as the 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.The interplay between the U.S. dollar’s trajectory, economic data, and Federal Reserve policies suggests a potentially bullish short-term outlook for gold. As investors weigh these factors, the precious metal’s appeal as a safe-haven asset may continue to grow in the face of economic uncertainties.