Daily Report – 25 March 2024

25 March 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2186
2157
2164
2180
+14.00
+0.64%
Silver
24.95
24.40
24.66
24.76
+0.10
-0.40%

(Daily Gold and Silver Market Analysis)

Today analysis provides an in-depth look at the gold and silver markets, offering insights into the fundamental and technical factors driving current trends. Our report aims to equip investors with the knowledge needed to navigate these markets effectively.

 

Fundamental Analysis

Gold prices retreated last week as Dollar Index hover around five-week high. The Fed’s economic projections, Dot Plot chart, still predicted three rate cuts this year as seen in January. Markets had begun pricing two Fed rate cuts this year after two consecutive months of higher inflation readings. The Fed kept the key rates unchanged between the 5.25% to 5.50% target range, following the March policy meeting. Markets are now pricing in a 75% probability that the Fed will begin easing in June, up from 59% pre-Fed decision, according to the CME Group’s Fed Watch Tool.

 

Gold

Gold, with retains renewed uptrend as price remains on track to test the measured target at $2,222. At first, Gold price needs to recapture the $2,200 threshold, following the record high. The 14-day Relative Strength Index (RSI), is seeing a fresh uptick while within the positive territory, indicating more upside on the cards. On the flip side, immediate support is seen around the previous day’s low of $2,152, below which the resistance at $2,133 will be challenged. A sustained move below it will put the Bull Flag support of $2,121 at risk. The short term Stochastics Oscillator is at 53 and Relative Strength Index is at 64.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2121
2133
2152
2170
2183
2200
2222

Silver

Silver prices experienced a notable decline last week, ending a three-week rally, contrasting with gold’s robust performance and record highs. This divergence highlights silver’s unique market position, distinct from gold, cryptocurrencies, and equities. Last week, XAG/USD settled at $24.67, down $0.51 or -2.02%. This is down from a weekly high of $25.78. The immediate outlook for silver is bearish, considering the Fed’s current monetary policy and the contrasting trends in the gold market. The next hurdle seems psychological mark of $ 25.00. The short term Stochastics Oscillator is at 53 and Relative Strength Index (RSI) is at 56.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
24.00
24.13
24.41
24.60
24.74
25.00
25.20

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
New Home Sales
6:00 PM
662K
675K
661K

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.