Gold Technical Report: Yesterday, Gold prices declined further for the fourth straight session. Prices have reached at 6 moths low and weakness persists as it trades beow 200 days EMA @ 1894 and 10 Days EMA poised to cross below the same. Upside resistance lies near 1900 psychological mark and then the conjunction point of 50 days EMA and 100 days EMA near 1927 and then 1951 Horizontal TrendLine touchpoint. The short term Stochastics Oscillator is at 8 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 28 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices halted the downfall of earlier three sessions and posted a DOJI ( open and close prices same level) signifying indecision. It has crossed below the conjunction point of 50 days EMA and 100 days EMA near 23.42 , 200 days EMA @ 23.11 and also 10 days EMA @ 22.94 all in this week alone. The Short term Stochastics Oscillator is at 50 and Relative Strength Index near 48.
Fundamental Report: Gold’s charm has diminished for three consecutive sessions. The primary culprit: speculations that the Federal Reserve may sustain elevated interest rates. Such speculations were further fueled by expectations surrounding U.S. inflation data. Consequently, investors, seeking refuge, have turned to the dollar, making gold pricier for international buyers.traditional appeal as a safe haven is currently under scrutiny, especially with looming concerns about the Federal Reserve’s possible stringent measures. Gold’s traditional appeal as a safe haven is currently under scrutiny, especially with looming concerns about the Federal Reserve’s possible stringent measures. The current economic environment, marked by inflation surpassing the Fed’s 2% target, further complicates gold’s position. The upcoming release of the U.S. personal consumption expenditures (PCE) index, a key inflation metric for the Federal Reserve, is highly anticipated. An inflation drop might bring respite to gold, potentially curbing expectations of tighter monetary policy. On the contrary, stronger inflation data could exacerbate gold’s challenges.