Daily Report

Gold hits fresh 1-month high with US Producer Prices rising the most since 1981
23 February 2024
OTC Market Data High Low Close Previous Change USD Change %
Gold 2034 2019 2024 2024 0 0
Silver 23.17 22.72 22.75 22.87 -0.12 -0.52%
Daily Bullion Report

Gold Technical Report: Gold prices traded rangebound yesterday with a negative bias registering a DOJI candle after five consecutive day of rally as it has reclaimed the psychological mark of 2000 and also the 100 days Exponential Moving Average @ 2004 recently. The recent swings are contained in the range recorded by extreme points 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 63 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 58 (it is considered overbought when above 70 and oversold when below 30).

Support 3

Support 2

Support 1

Current Market Price

Resistance 1

Resistance 2

Resistance 3

1980

1993

2004

2023

2036

2054

2076

 

Silver Technical Report: Silver prices also declined parallely for second day and also closed below 10 days EMA. This week it has been on a constant decline mode and has given up half the gains it made last week. The recent upmoves were capped around 23.40, just above 200 days Exponential Moving Average. The Short term Stochastics Oscillator is at 51 and Relative Strength Index near 46.

Support 3

Support 2

Support 1

Current Market Price

Resistance 1

Resistance 2

Resistance 3

22.18

22.35

22.50

22.68

22.96

23.15

23.40

Fundamental Report: The Gold prices, prefer to react with caution on both sides. Wednesday’s minutes from the Federal Reserve (‘the Fed’) don’t contain much new information but they do underline determination to avoid a resurgence of inflation which might occur if rates are cut too quickly. The Fed’s latest minutes seem to confirm that the terminal rate of this cycle has been reached, something already seen as more-or-less certain by most participants. However, the first expected cut has been pushed further back to June. CME FedWatch Tool gives a probability of about 70% that there will be at least one cut by 12 June. Senior members of the Fed want to see a further sustained reduction in inflation before seriously considering reversal in policy.

The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. Please note that ISA BULLION DMCC makes no warranty, expressed or implied, as to the accuracy or completeness of the information and opinions herein. No responsibility or liability is accepted for any loss or damage howsoever arising that you may suffer as a result of this information and any and all responsibility and liability is expressly disclaimed by ISA BULLION DMCC or any of them or any of their respective directors, partners, officers, affiliates, employees or agents ISA BULLION DMCC is registered & licensed as a FREEZONE Company under the Rules & Regulations of DMCCA.

 

 

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