Gold Technical Report: Gold marched upwards against a red DOJI candle signifying indecision posted on Friday. The movement was supported by 50 days Exponential Moving Average and crossed above 10 days EMA at the close. 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 43 (it is considered overbought when above 80 and oversold when below 20) and Relative Strength Index (RSI) is at 52 (it is considered overbought when above 70 and oversold when below 30).
Silver Technical Report: Silver prices also moved up parallely taking a support near 10 days EMA. It looked in a consolidation mood on Friday after a small rally of 3 straight sessions earlier. 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 69 and Relative Strength Index near 51.
Fundamental Report: Gold prices experienced a rise on Monday, buoyed by escalating tensions in the Middle East that enhanced its appeal as a safe-haven asset. However, the market’s movement was somewhat restrained as traders anticipated U.S. Federal Reserve Chair Jerome Powell’s upcoming remarks, seeking insights into future interest rate decisions. Concurrently, lower U.S. Treasury yields and a softened U.S. Dollar provided additional support to gold prices. Investors remain cautious amid increasing geopolitical risks and upcoming NFP data and FOMC meet likely to impact global risk sentiment, potentially benefiting safe-haven assets like gold and the yen. Furthermore, the potential for interest rate cuts later this year could reduce the opportunity cost of holding bullion, thereby supporting gold prices.