Gold Technical Report: Gold kept on sliding down throughout the week and closed below 10 days Exponential Moving Average on Friday, on the back of a heightened volatility earlier in the week when it crossed above 2100 mark upside and also drifted down below 2050 at the close on the same day. The prices remained depressed on heavy profit booking and had crossed above the 2000 mark briefly. The short-term Stochastics Oscillator is at 20 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 49 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices drifted downwards on all 5 sessions of the week. It has started decline on massive profit booking after it hit 25.88 intra day high on Monday. The pricess are expected to remain depressed as it forcefully crossed below all 50,100 and 200 days Exponential Moving Average on Friday. The Short-term Stochastics Oscillator is at 11 and Relative Strength Index near 41.
Fundamental Report: In a significant market shift, gold prices retreated below the $2,000 an ounce mark at the close of trading on Friday. This downturn was primarily driven by a strengthening U.S. dollar and surging Treasury yields, as traders adjusted their expectations for U.S. interest rate cuts in light of robust jobs data. Economists polled by Dow Jones were anticipating that today’s jobs report for November would come in at approximately 190,000 new jobs added last month. The actual number was slightly higher, coming in at 199,000. Although the estimates were fairly close to the numbers revealed, the fact that they came in just under 200,000 indicates that the labor market is not contracting as quickly as the Federal Reserve had hoped it would. The fluctuation in gold prices reflects a complex balance of supply and demand factors, heavily swayed by the broader economic environment and investor sentiment. Next week, members of the Federal Reserve will convene for the last Federal Open Market Committee (FOMC) meeting of 2023. It is widely expected that they will continue to maintain current benchmark interest rates between 5 ¼% and 5 ½%.