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Gold $2,383.31 $10.52 0.44% Silver $28.32 $0.05 0.18% Platinum $945.76 $3.33 0.35% Palladium $1,033.28 $7.05 0.69%

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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