Daily Gold and Silver Market Analysis- 23 January 2025

23 January 2025
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2763
2741
2755
2744
+11.00
+0.40%
Silver
31.00
30.55
30.78
30.85
-0.07
-0.23%

Today’s analysis offers a comprehensive overview of the gold and silver markets, highlighting the fundamental and technical factors influencing current trends. Our report is designed to empower investors with the insights needed to navigate these markets effectively.

Fundamental Analysis

Gold prices are consolidating their three-day bullish momentum early Thursday, having reached a three-month high of $2,764 on Wednesday. As gold buyers take a moment to pause, focus shifts to U.S. economic indicators, with weekly Jobless Claims data on the horizon. U.S. President Donald Trump’s proposed tariffs are a significant factor driving interest in this safe-haven asset. However, most of these tariffs were already factored into the market, while traders may find optimism in Trump’s announcement regarding investments in artificial intelligence (AI) infrastructure.

Gold

The daily chart indicates that gold prices are on track to test the record high of $2,790. Earlier this month, gold charted a breakout from a symmetrical triangle pattern and remains comfortably above all major daily moving averages, reinforcing the bullish outlook. The 14-day Relative Strength Index (RSI) continues to rise above the midline, keeping buyers optimistic. Currently, the Stochastic Oscillator is at 92, and the RSI stands at 66.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2695
2705
2725
2753
2772
2790
2815

Silver

Silver has gained momentum as traders respond to the strong performance of gold markets. However, the gold/silver ratio has climbed above the 89 level, which is disappointing for silver bulls. If silver can rise above $31.00, it may target the nearest resistance levels at $31.35 and $31.58. Currently, the short-term Stochastic Oscillator is at 85, while the Relative Strength Index (RSI) stands at 54.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.00
30.23
30.42
30.68
31.00
31.35
31.58

Indicator Definitions

  • Stochastic Oscillator: This indicator measures momentum by comparing the closing price to its price range over a specified period. Values above 80 indicate overbought conditions, while values below 20 suggest oversold conditions.
  • Relative Strength Index (RSI): The RSI assesses price changes to determine overbought or oversold conditions. A reading above 70 indicates overbought status, while a reading below 30 signals that the asset is oversold.
Key US Economic Reports & Events
When
Actual
Expected
Previous
Unemployment Claims
5:30pm
223K
221K
217K
President Trump Speaks
8:00pm
NA
NA
NA

Conclusion

In the dynamic and ever-changing landscape of bullion markets, it is essential to stay informed through both technical and fundamental analysis to make sound investment decisions. Our report aims to offer a balanced perspective to help investors navigate the complexities of gold and silver trading effectively.

Disclaimer This report is intended for informational purposes only and is based on data from reputable sources. It does not constitute investment advice. ISA BULLION makes no guarantees regarding the accuracy or completeness of the report and disclaims any liability for losses that may result from reliance on this information. Users are encouraged to conduct their own research and consult with professional advisors before making investment decisions. ISA BULLION, along with its directors, partners, officers, employees, and agents, expressly disclaims any responsibility for any direct or indirect losses or damages arising from the use or reliance on the information presented herein.