ISA Bullion Daily Metals Report – May 13, 2024

13 May 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2378
2345
2360
2345
+15.00
+0.64%
Silver
28.76
28.04
28.17
28.34
-0.17
-0.60%

Introduction:

Today’s comprehensive analysis explores the dynamics of the gold and silver markets, focusing on the fundamental and technical factors influencing current trends. Our report is crafted to equip investors with the insights necessary for strategic navigation through these volatile markets.

 

Fundamental Analysis:

Gold prices initially lost momentum amid hawkish signals from the Federal Reserve and speculation about a delay in easing plans, which strengthened the US dollar and pressured gold. However, escalating geopolitical tensions in the Middle East have revived safe-haven demand, underscoring the complex interplay of factors at play. Upcoming US economic reports, including CPI, PPI, and Retail Sales, are anticipated to provide further clarity on the economic and inflation outlook.

Technical Analysis:

Gold

Gold is trading positively, maintaining its bullish trend above the key 100-day Exponential Moving Average (EMA). The market is closely watching the $2,400 mark, which, if breached, could propel gold to record highs near $2,432 and potentially to $2,500. Conversely, a pullback could test support levels at $2,335 and $2,300, with a deeper retracement possibly reaching the early May low of $2,281.

  • Stochastics Oscillator: 72 (suggesting slight overbought conditions)
  • Relative Strength Index (RSI): 57 (indicating moderately bullish momentum)
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2300
2316
2335
2360
2371
2400
2432

Silver

Silver experienced a modest pullback due to profit-taking, with the metal trading within a defined range between support at $27.00–$27.50 and resistance at $28.75–$29.00.

  • Stochastics Oscillator: 74 (near overbought territory)
  • Relative Strength Index (RSI): 59 (indicating neutral to slightly bullish conditions)
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
27.25
27.50
27.78
28.17
28.25
28.50
28.75

Indicator Definitions:

  • Stochastics Oscillator: Measures momentum by comparing the closing price to its price range over a specified period, signaling overbought conditions above 80 and oversold conditions below 20.
  • Relative Strength Index (RSI): Assesses the rate of price changes to evaluate overbought (>70) or oversold (<30) market conditions.
Key US Economic Reports & Events
When
Actual
Expected
Previous
No Important Data Today

Conclusion:

The bullion markets present a challenging landscape that requires diligent analysis of both technical and fundamental aspects. Our report strives to provide a balanced view, facilitating informed investment decisions within the gold and silver markets.

Disclaimer: This report is provided for informational purposes only, based on data from reputable sources but not intended as investment advice. ISA BULLION disclaims any liability for reliance on this information and advises all clients to conduct their own research and consult with professional advisors before making any investment decisions.