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Gold $2,466.97 $9.49 0.39% Silver $30.19 $(0.08) -0.26% Platinum $988.17 $(7.5) -0.75% Palladium $941.68 $(10.64) -1.12%

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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