Daily Report – 26 January 2024

26 January 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2025
2010
2019
2012
+7.00
+0.35%
Silver
23.03
22.63
22.90
22.63
+0.27
+1.19%

Gold Technical Report: Gold played in a narrow band with upwards bias yesterday after a decline day before. However it maintained some positive bias though capped by 10 days Exponential Moving Average. Recently it witnessed volatile movements when it crossed above 2100 mark upside on 4th Dec and also drifted down below 1980 on 12th Dec. The short term Stochastics Oscillator is at 35 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 48 (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
1980
1992
2008
2023
2036
2051
2064

Silver Technical Report: Silver prices continued the rally for third straight session and closed above10 days EMA after 7 days of struggle. If uptrend continues, next main hurdle will be around 23.40 where all 50,100 and 200 days Exponential Moving Averages are merging. The Short term Stochastics Oscillator is at 60 and Relative Strength Index near 47.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
22.44
22.60
22.75
22.90
23.04
23.23
23.40

Fundamental Report: Gold markets await US inflation as numbers could decide the Fed policy decision.On Friday, US personal income/spending and inflation figures warrant investor attention. Significantly, economists forecast the Core PCE Price Index to increase by 3.0% in December. In November, the Core PCE Price Index rose by 3.2%. Sticky inflation and upward personal income/spending trends could reduce bets on a March Fed rate cut. Upward trends in personal income and spending could drive demand-driven inflation. A higher-for-longer Fed rate path could impact disposable income and curb consumer spending. Despite better-than-expected private sector PMIs and US GDP numbers, bets on a March Fed rate cut linger. According to the CME FedWatch Tool, the probability of a 25-basis point March rate cut increased from 40.4% to 50.0% on Thursday.

Key US Economic Reports & Events
When
Actual
Expected
Previous
Core PCE Price Index m/m
5:30 PM
0.2%
0.2%
0.1%
Pending Home Sales m/m
7:00 PM
8.3%
2.1%
0.0%
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