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Gold $3,353.45 $(4.14) -0.12% Silver $36.95 $0.4 1.09% Platinum $1,413.65 $(6.5) -0.46% Palladium $1,147.63 $(14.2) -1.22%

Zaner Daily Precious Metals Commentary

Zaner Daily Precious Metals Commentary

While a Chinese interest rate cut is a supportive development for gold it is not enough to offset an extension of bearish outside market influences flowing from a higher dollar and rising US interest rates.
 
Despite short-term technical indicators like RSI and stochastics being oversold, the downtrend in gold looks entrenched.
 
In retrospect, the Federal Reserve meeting minutes combined with a recent hot US retail sales reading has fostered fear of even higher rates for longer, which is beginning to replace hope of a September pause...[MORE]
 
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