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Gold $3,642.99 $9.17 0.25% Silver $42.18 $0.57 1.37% Platinum $1,393.75 $12.43 0.9% Palladium $1,197.60 $9.71 0.82%

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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