Daily Report – 21 March 2024

21 March 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2222
2150
2204
2157
+47.00
+2.18%
Silver
25.73
24.74
25.70
24.91
+0.79
+3.17%

Daily Gold and Silver Market Analysis

 

Fundamental Analysis

Gold prices registered a fresh all-time high of $2,223 reached in early Asian trading on Thursday, although defends the $2,200 threshold amid sustained weakness in the US Dollar and the US Treasury bond yields. Markets digest the dovish US Federal Reserve no-interest rate change decision on Wednesday.

Gold

The overnight strong positive move confirmed a breakout through a bullish flag chart pattern and validated the positive outlook for the Gold price. That said, the Relative Strength Index (RSI) has moved back above the 70 mark, making it prudent to wait for some near-term consolidation or a modest pullback before traders start positioning for any further appreciating move. Nevertheless, the broader setup supports prospects for an extension of the recent well-established strong uptrend witnessed over the past month or so. The short term Stochastics Oscillator is at 85 and Relative Strength Index is at 75.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2165
2176
2195
2205
2212
2222
2250

Silver

Silver moved up increasing by 0.21% to a price of $25.65, as market participants weighed various economic indicators and market sentiments. The pivot point at $25.46 serves as a pivotal juncture for future price movements, with resistance levels observed at $25.74, $25.88, and $26.00. These levels could cap further gains should the metal attempt to ascend. Support levels at $25.46, $25.20, and $24.96 provide a safety net against potential declines. The 50-Day and 200-Day Exponential Moving Averages, suggest a bullish outlook for Silver as long as it maintains above the $25.46 mark. A move below this pivot point, however, could signal a shift to a bearish trend, necessitating a strategic reassessment for traders and investors. The short term Stochastics Oscillator is at 92 and Relative Strength Index (RSI) is at 70.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
24.96
25.20
25.46
25.65
25.74
25.88
26.00

Indicator Definitions

 

  • Stochastics Oscillator: Indicates momentum by comparing a closing price to its price range over a certain period. It suggests overbought conditions above 80 and oversold conditions below 20.
  • Relative Strength Index (RSI): Measures price changes to evaluate overbought or oversold conditions. A reading above 70 indicates overbought, while below 30 suggests oversold.
Key US Economic Reports & Events
When
Actual
Expected
Previous
Unemployment Claims
4:30 PM
210K
212K
209K
Philly Fed Manufacturing Index
4:30 PM
3.2
212K
209K
Flash Manufacturing PMI
5:45 PM
52.5
51.8
52.2
Flash Services PMI
5:45 PM
51.7
52.0
52.3
Existing Home Sales
6:00 PM
4.38M
3.95M
4.00M

Conclusion

In the complex and ever-evolving landscape of bullion markets, staying informed with both technical and fundamental analysis is crucial for making well-informed investment decisions. Our report strives to provide a balanced view to assist investors in navigating the intricacies of gold and silver trading.

This report is provided for informational purposes only, based on data from reputable sources, but is not intended as investment advice. ISA BULLION makes no guarantees as to the report's accuracy or completeness and disclaims any liability for losses that may arise from reliance on this information. Users are advised to conduct their own research and consult with professional advisors before making investment decisions. ISA BULLION, along with any associated directors, partners, officers, employees, or agents, expressly disclaims any responsibility for any direct or indirect loss or damage arising from the use or reliance on the information provided herein.