Daily Report

Gold hits fresh 1-month high with US Producer Prices rising the most since 1981
02 October 2023
OTC Market Data High Low Close Previous Change USD Change %
Gold 1880 1846 1848 1864 -16.00 -0.86%
Silver 23.57 22.10 22.16 22.60 -0.44 -1.95%
Daily Bullion Report

 

Gold Technical Report: Last week, Gold declined on all five trading sessions making a comeback difficult for the bulls.. Prices have reached at 6 moths low and weakness persists as it trades beow 200 days EMA @ 1900 and 10 Days EMA@ 1883 has already crossed below the same. Upside resistance lies near 1900 psychological mark and then the conjunction point of 50 days EMA and 100 days EMA near 1922 and then 1951 Horizontal TrendLine touchpoint. The short term Stochastics Oscillator is at 4 (it is considered overbought when above 80 and oversold  when below 20) and Relative Strength Index (RSI) is at 24 (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

         1800

         1818

         1833

         1843

         1866

         1883

         1900

 

Silver Technical Report: Silver prices also moved down parallely and closed below the August lows. It has crossed below the conjunction point of 50 days EMA and 100 days EMA near 23.30 , 200 days EMA @ 23.04 and also 10 days EMA @ 22.66 all in last one week alone. The Short term Stochastics Oscillator is at 11 and Relative Strength Index near 30.

Support 3

Support 2

Support 1

Current Market Price

Resistance 1

Resistance 2

Resistance 3

21.21

21.33

21.54

21.86

22.00

22.22

22.50

Fundamental Report: Gold prices are down sharply for the sixth straight session on Monday, touching a nearly seven-month low. This downturn comes as traders analyze U.S. inflation metrics and brace for upcoming job market data. The dollar’s strength continues to be a significant headwind for the yellow metal, which ended Q3 3.7% lower, marking its steepest quarterly decline since June 2021. The Fed’s policy tightening seems to be impacting various sectors as recent U.S. data softens. Even as underlying inflation moderated in August, according to the core PCE price index, there’s uncertainty about whether current interest rate levels are adequate to curb inflation. Federal Reserve officials Neel Kashkari and John Williams offered differing views on the path of rate hikes, adding to the market’s confusion. Higher interest rates have lifted the dollar near a 10-month high and taken a toll on gold, which does not yield interest. Meanwhile, U.S. 10-year Treasury yields pulled back after touching a 15-year high, reflecting mixed inflation expectations. The market is split, with a 45% chance of another rate hike this year and a 43% probability of policy easing in H1 2024, as per CME FedWatch Tool data.

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.

 

Key US Economic Reports & Events When Actual Expected Previous
ISM Manufacturing PMI 6:00 PM - 47.8 47.6
ISM Manufacturing Prices 6:00 PM - 48.9 48.4
Fed Chair Powell and FOMC Member Harker Speeches 7:00 PM NA NA NA
 

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