Gold Technical Report: Gold prices remained rangebound on Friday, but 10 days EMA @ 1940 crossed above 100 DMA @ 1935, hence further upside movement looks possible. If this happens with strong volumes, it will open room for further advancement upto the major psychological level of 2000. Main support level is near 200 days EMA @ 1870. The short term Stochastics Oscillator is at 88 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 55 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver marched ahead strongly with good volumes on Wednesday and Thursday. On Friday it hust stayed rangebound but managaged to uphold the levels. It has also crossed above both 50 and 100 days EMA last week, and hinted about fresh upmove . The main target now is 25.00 , a major psychological level for silver and the main support is near 200 days EMA @ 22.52. The Short term Stochastics Oscillator is at 95 and Relative Strength Index near 66.
Fundamental Report: Last week, gold reached its highest level since June 16 after data revealed that U.S. consumer prices in June had the smallest annual increase in over two years. This led to speculation that the Federal Reserve might soon conclude its cycle of rate hikes. As a result, the yellow metal enjoyed a boost as the anticipation of further rate hikes diminished due to a decline in inflation. However, gold prices were capped on Friday as yields began to tick up. Gold’s recent rally, triggered by the post-CPI (Consumer Price Index) data, has momentarily paused, leaving room for a potential retracement in the range of $1,940 to $1,950. Despite this, gold managed to record its largest weekly gain since April, increasing by 1.65% by the end of Friday’s trading session. The current outlook suggests that gold prices will remain range-bound in the near term. If the Federal Reserve signals a halt to further interest rate increases, there is a possibility of further upward movement for gold.