Gold Oz
Selling
$
Buying
$
Gold KG
Selling
$
Buying
$
Silver Oz
Selling
$
Buying
$
Silver KG
Selling
$
Buying
$

ISA Bullion Gold Report – 20 June 2024

20 June 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2335
2324
2329
2328
+1.00
+0.04%
Silver
29.80
29.35
29.76
29.52
+0.24
+0.81%

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.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2281
2300
2328
2341
2372
2400
2425

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.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
29.43
29.76
30.00
30.30
30.50
30.74
31.00

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
TODAY’s DATA
Unemployment Claims
4:30 PM
235K
242K
Building Permits
4:30 PM
1.45M
1.44M
Philly Fed Manufacturing Index
4:30 PM
4.8
4.5

Summary

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

Disclaimer 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.