Daily Report – 27 December 2023

27 December 2023
OTC Market Data
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Gold Technical Report: Gold moved up with conviction  against a doji candle made a day before. Its struggling hard to come out  of upper range maintained by the market for last few sessions, holding support near 10 days Exponential Moving Average strongly. 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 93 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 64 (it is considered overbought when above 70 and oversold when below 30).

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Silver Technical Report: Silver prices fluctuated both ways amidst thin trading on account of Boxing Day and Xmas holiday season but managed to maintain level above the support of 10 days Exponential Moving Average. Last to last week it displayed robust upmove as it forcefully crossed above all 50,100 and 200 days Exponential Moving Average on closing basis in a single day. It has started decline earlier on massive profit booking after it hit 25.88 intra day high which now becomes the next target if rally sustains. The Short term Stochastics Oscillator is at 78 and Relative Strength Index near 54.

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Fundamental Report: The gold market struggles with a question not if the Fed will cut rates next year, but when they will begin and how deep the interest rate cuts will be. Analysts are split as to when the Federal Reserve will implement its first rate cut next year. Although they are split, the consensus continues to favor rate cuts during the second quarter of 2024. This differs from investor optimism, which hopes to see the first cut initiated in March of next year. The recent rise in gold pricing results from a combination of factors. Bullish sentiment has gained steam as more investors anticipate rate cuts early next year. The geopolitical climate continues to be worrisome, with conflicts in both Ukraine and the Middle East showing no signs of easing. Conflicts in both parts of the world continue to be a prominent factor in gold’s haven image. Throughout 2023, the gold market navigated a series of significant global events that greatly influenced its value. This period of instability led to significant fluctuations in gold prices, highlighting its importance in a diversified investment portfolio. Looking towards 2024, the U.S. economy is anticipated to continue its expansion, buoyed by strong consumer spending and sustained private investment. The Federal Reserve’s signals of potential rate cuts suggest a shift towards a more accommodating monetary policy, amidst a backdrop of easing inflation. This evolving monetary environment is poised to influence the gold market, as investors recalibrate their strategies in response to the changing economic landscape.

Key US Economic Reports & Events
Richmond Manufacturing Index
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