ISA Bullion Gold Report – 27 June 2024

Market Overview

Today’s report provides a thorough analysis of the gold and silver markets, highlighting the fundamental and technical factors driving current trends. Our objective is to offer investors the insights necessary to navigate these markets successfully.

Fundamental Analysis

Gold price is languishing at two-week lows, just shy of the $2,300 level early Thursday, with buyers lacking conviction due to the sustained strength in US Treasury bond yields.

Gold:

• Prices could weaken further below the $2,300 mark and retest the monthly swing low around the $2,286 region. Continued selling pressure could reaffirm the negative bias and expose the 100-day MA support near the $2,253 area. Any meaningful positive move seems to face stiff resistance near the 50-day MA around the $2,333 region, ahead of Friday’s swing high around the $2,369 zone. Sustained strength beyond this level could lift the gold price towards the $2,387-$2,388 intermediate hurdle en route to the $2,400 round-figure mark. The short-term Stochastics Oscillator is at 20, and the Relative Strength Index (RSI) is at 41.

Silver:

• Silver declined on Tuesday but managed to retain strength yesterday. It continues to find buyers on each dip. The uptrend remains intact despite increased volatility. Stabilization is evident, which is a positive sign for silver. The short-term Stochastics Oscillator is at 8, and the Relative Strength Index (RSI) is at 42.