ISA Bullion Gold Report – 20 June 2024

Market Overview

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

Fundamental Analysis

Gold price regains upside traction early Thursday after the Juneteenth holiday lull. The US Dollar pauses its decline as Treasury bond yields edge higher amid risk aversion. The daily RSI gradually moves above the midline, supporting the Gold price upside.

Gold:

• Gold prices wait for sustained strength beyond the 10-day Moving Average support, currently pegged near the $2,328 region, before placing fresh bets. The subsequent move-up will see levels beyond the $2,372 zone, towards the $2,400-$2,425. The momentum could extend further towards the all-time peak around the $2,450 area touched in May. On the flip side, the $2,300-$2,281 region is likely to protect the immediate downside. The short-term Stochastics Oscillator is at 54, and the Relative Strength Index (RSI) is at 51.

Silver:

• Silver gains ground as the gold/silver ratio pulled back below the 78.50 level. The dynamics of the gold/silver ratio remain the key driver for silver markets. A base above the $30.00 level will push silver towards the nearest resistance, which is located in the $30.74 – $31.00 range. The short-term Stochastics Oscillator is at 44, and the Relative Strength Index (RSI) is at 57.