Today’s News – gold and silver market 2023
Gold and silver market – Today’s news
Category: News
Gold and silver market – Daily news
Gold and silver market
Gold prices faced downward pressure on Monday following Federal Reserve Governor Michelle Bowman’s indication that further interest rate hikes might be necessary to control inflation.
In remarks prepared for a “Fed Listens” event in Atlanta, Bowman reiterated comments she had previously made to a banking group on Saturday. She expressed her support for the recent interest rate increase due to ongoing elevated inflation.
This week’s focus will be on the U.S. Consumer Price Index (CPI) data scheduled for Thursday, which could provide more clarity on the Federal Reserve’s policy direction.
The XAU/USD currency pair is currently trading around a Fibonacci level, specifically the 61.8% retracement of the rally between $1,902.62 and $1,987.40. Technical analysis on the daily chart suggests a downside risk, as indicators have continued to decline within negative territory, hitting new one-month lows. Simultaneously, the pair remains below its 20 and 100 Simple Moving Averages (SMAs), lacking clear directional momentum.
Analyzing the 4-hour chart, a neutral-to-bearish outlook is observed as XAU/USD remains below all its moving averages. The 20 SMA acts as intraday resistance. Technical indicators on this timeframe show indecision: the Momentum indicator hovers near its 100 line without a clear direction, and the Relative Strength Index (RSI) is around 40.
– Nitin Kedia
Daily News – gold and silver market
Gold and silver market
Spot Gold prices rose on Friday as the U.S. jobs report came in slightly weaker than expected, leading to a decline in the dollar and Treasury yields, providing some relief to bullion during its worst week in six.
The Labor Department’s employment report revealed an increase of 187,000 jobs in nonfarm payrolls last month, falling short of economists’ forecast of 200,000 jobs.
According to the CME’s FedWatch Tool, there is now an 85% probability that the Fed will keep rates unchanged at its September 19-20 meeting, up from 78% before the data was released.
Gold Price bounced back from an upward-sloping support line since late November 2022, supported by an upswing in the Relative Strength Index (RSI) line at 14. However, the bearish signals from the Moving Average Convergence and Divergence (MACD) indicator, coupled with resistance at the 50-day moving average (DMA) hurdle near $1,945, posed a challenge for XAU/USD bulls.
Nevertheless, Gold Price seems prepared to extend its recent rebound beyond the immediate DMA hurdle of $1,945. Buyers face a challenge in overcoming a three-month-long downward-sloping resistance line around $1,960.
A daily closing above the $1,960 hurdle would enable Gold Price to rise towards the previous monthly high of around $1,987 and potentially target the psychological level of $2,000.
On the contrary, failure to sustain trading above the 50-DMA hurdle of $1,945 could lead XAU/USD back to the aforementioned support line around $1,933.
Subsequently, Gold sellers may encounter resistance around the $1,900 level before directing them towards the key support confluence of $1,895-93, which includes the 200-DMA and June’s low.
Overall, while Gold Price is likely to witness further recovery, the upside potential appears limited.
– Nitin kedia
Daily gold and silver market News – Gold and silver market
Gold and silver market – Daily news
Gold and silver news – gold and silver market daily news 2023
Gold and silver news – Daily market news
