21 July
Gold and Silver market news
Spot Gold prices retreated from a recent two-month peak on Thursday as the dollar and bond yields saw slight gains. However, the decline was tempered by optimism that the U.S. Federal Reserve might hold off on further interest rate increases after the July meeting.
Recent data revealed an unexpected drop in the number of Americans filing new unemployment claims last week, reaching the lowest point in two months, despite the ongoing tightness in the labor market.
All eyes are now on the upcoming U.S. central bank’s policy meeting next week, with the market currently factoring in a 25-basis-point rate hike from the Fed.
From a technical standpoint, the market found support at the previously mentioned level of 1965, and the next support levels are now positioned at 1960 and 1950. On the other hand, resistance is observed at 1980 and 1989. The Relative Strength Index (RSI) slope is negative on the 4-hour chart, but the current level of 50 indicates a state of uncertainty with both bulls and bears remaining undecided. Furthermore, the Average Directional Index (ADX) at 21 on the hourly chart suggests that prices may remain range-bound.
