19 July
gold and silver market 2023
Spot Gold prices surged by over 1% on Tuesday, reaching a more than one-month high. The rally was supported by a weaker dollar and declining Treasury yields. Investors are speculating that recent economic indicators in the United States may prompt the Federal Reserve to pause its interest rate hikes.
Furthermore, gold traders analyzed data revealing that headline U.S. retail sales in June fell short of expectations, although consumer spending remained robust. As a result, traders are factoring in a 25-basis-point rate hike at the upcoming Fed meeting scheduled for July 25-26.
Presently, gold has entered a crucial technical zone ranging from $1,980 to $1,985, which has previously acted as both support and resistance levels. For the bull market to regain momentum and potentially exceed the $2,000 mark, gold needs to convincingly surpass this range on a closing basis. Conversely, significant support levels for bears lie at 1968 and 1964, and a closing price below 1964 would enable them to regain control.
Additionally, the positive slope of the Relative Strength Index (RSI) suggests that the market is inclined towards buying on dips.
– Nitin Kedia
