Daily Report

Gold hits fresh 1-month high with US Producer Prices rising the most since 1981
26 September 2022
OTC Market Data High Low Close Previous Change USD Change %
GOLD 1675 1638 1645 1671 -26.00 -1.55%
SILVER 19.72 18.76 18.82 19.62 -0.80 -4.00%
Bullion Report

Gold Technical Report: After the massive fall on Friday, gold prices are trying to stabilize. However, as long as they trade below  the main level of $1680, they poses the risk of the main trend turning negative. We may expect some pullback towards 200 DMA on weekly charts.On the upside, the next major resistance will be at 50 DMA @ 1730. The Short term Stochastics Oscillator is at 22 and RSI momentum is 29.

S3

S2

S1

CMP

R1

R2

R3

1542

1578

1600

1636

1648

1660

1694

 

Silver Technical Report: Silver also trying to find bottom after heavy selloff last week when the prices just touching down and then bouncing back from 20 DMA with reversal signs.The next major resistence will be faced around 19.27 at 50 PMA. The Short term Stochastics Oscillator is at 28 and RSI momentum near 43.

S3

S2

S1

CMP

R1

R2

R3

18.00

18.25

18.48

18.615

19.00

19.19

19.40

 

Fundamental Report: Gold prices came lower on Friday, hitting their lowest level since April 2020, as soaring U.S. Treasury yields drove up demand in the U.S. Dollar. Rising yields tends to dampen interest in non-yielding bullion, while the stronger dollar makes gold more expensive to holders of foreign currencies.At 12:15 GMT, December Comex gold is trading $1655.20, down $25.90 or -1.52%. On Thursday, the SPDR Gold Shares ETF (GLD) settled at $155.69, down $0.10 or -0.06%. Briefly, the U.S. Dollar is trading at a new 20-year high against a basket of major currencies, up 0.75%. Meanwhile, the 10-year U.S. Treasury yield hit an 11-year peak. Additionally, although the war in Ukraine escalated this week with Russian President Putin bringing up the nuclear card, safe-haven buying of gold was dampened by soaring yields and the rising dollar. A number of central banks including the U.S. Federal Reserve and the Bank of England raised interest rates last week to tame inflation and also stoked concerns of a global recession. The Fed raised its benchmark interest rate 75 basis points this week along with other major central banks, forming the backdrop for early warnings from international officials and analysts that rising rates for currencies like the dollar and Euro could tighten global financial conditions so much it leads to a global recession. Along with the Fed’s action on Wednesday, its fifth interest rate increase since March, a half dozen banks from Indonesia to Norway followed suit with their own rate increases and often with guidance that more would follow. They are fighting inflation rates ranging from Switzerland’s 3.5% to nearly 10% in Britain – the result of a rebound in demand since the pandemic subsided accompanied by sluggish supply, especially from China, and rising prices for fuel and other commodities in the wake of Russia’s invasion of Ukraine.

 

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Key US Economic Reports & Events When Actual Expected Previous
ECB President Lagarde Speaks 5:00 PM NA NA NA
FOMC Member Collins Speaks 6:00 PM NA NA NA
 

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