Daily Gold and Silver Market Analysis- 24 January 2025

24 January 2025
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2759
2735
2754
2755
-1.00
-0.03%
Silver
31.00
30.06
30.46
30.79
-0.33
-1.07%

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 equip investors with the insights necessary to navigate these markets effectively.

 

Fundamental Analysis

Gold traders are currently assessing the latest developments regarding US President Donald Trump’s recent tariff proposals. While there is emerging optimism from China due to additional supportive measures from local authorities, Trump’s plans to impose 25% tariffs on Mexico and Canada, as well as 10% tariffs on China, are expected to face significant opposition from many Republicans in Congress. The 47th US President intends to use revenue from these higher tariffs to fund government programs and support promised tax cuts. This uncertainty surrounding Trump’s tariffs may reduce haven demand for the US Dollar (USD), gold, and US government bonds, potentially benefiting US Treasury bond yields.

Gold Outlook

From a short-term perspective, gold maintains its bullish potential and is poised to approach the record high of $2,790. Earlier this month, gold charted a breakout from a symmetrical triangle pattern, comfortably holding above all major moving averages, which signals a bullish trend. The 14-day Relative Strength Index (RSI) is positioned below the overbought region, indicating room for further upside. Currently, the Stochastic Oscillator is at 86, while the RSI stands at 70, reinforcing the outlook for additional gains.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2700
2725
2753
2777
2790
2815
2830

Silver Outlook

Silver has been on an upward trajectory, with the gold/silver ratio rising above the key psychological level of 90.00. If silver closes the week above $31.00, it could advance toward the nearest resistance levels at $31.21 to $31.58. In the short term, the Stochastic Oscillator is at 80, indicating bullish momentum, while the Relative Strength Index (RSI) stands at 55, suggesting that silver still has room for further gains.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.23
30.42
30.68
30.85
31.21
31.58
31.58

Indicator Definitions

  • Stochastics Oscillator: This indicator measures momentum by comparing a closing price to its price range over a specific period. It indicates overbought conditions when above 80 and oversold conditions when below 20.
  • Relative Strength Index (RSI): The RSI evaluates price changes to identify overbought or oversold conditions. A reading above 70 signifies overbought conditions, while a reading below 30 indicates oversold conditions.
Key US Economic Reports & Events
When
Actual
Expected
Previous
Flash Manufacturing PMI
6:45pm
48.2
49.8
49.4
Flash Services PMI
6:45pm
51.2
56.4
56.8
Existing Home Sales
7:00pm
4.24M
4.19M
4.15M
Revised UoM Consumer Sentiment
7:00pm
71.1
73.3
73.2

Conclusion

In the dynamic and complex landscape of bullion markets, it is essential to stay informed through both technical and fundamental analysis to make well-informed investment decisions. Our report aims to provide a balanced perspective to help investors navigate the intricacies 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.