ISA Bullion Gold Report – 1 August 2024

01 August 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2450
2403
2445
2408
+37.00
+1.54%
Silver
29.10
28.24
29.04
28.39
+0.65
+2.29%

Market Insights

This report offers a detailed examination of the gold and silver markets, highlighting key fundamental and technical factors that influence current trends. Our goal is to equip investors with the insights necessary to navigate these markets effectively.


Fundamental Analysis

Gold prices are consolidating July’s impressive gains as August begins, with buyers maintaining an advantage following the dovish Federal Reserve policy announcements. The ongoing geopolitical tensions in the Middle East between Iran and Israel further bolster gold’s appeal as a safe haven.

Gold:

  • The uptrend remains strong, with aggressive buying seen once prices crossed above $2,400. If XAU/USD climbs past $2,450, the next resistance level would be the all-time high at $2,483, followed by the $2,500 mark. On the downside, if gold dips below $2,400, key support levels include the July 30 low of $2,376, the 50-day Simple Moving Average (SMA) at $2,359, and further support at the 100-day SMA at $2,331. The short-term Stochastics Oscillator is at 56, and the Relative Strength Index (RSI) is at 58.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2376
2400
2420
2446
2460
2484
2500

Silver:

  • Silver tested weekly highs as the gold/silver ratio fell below the 84.50 level. If silver manages to settle above the $29.00 resistance, it may target the next resistance range of $29.19 to $29.37. The short-term Stochastics Oscillator is at 35, and the Relative Strength Index (RSI) is at 45.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
28.37
28.60
28.73
28.88
29.00
29.19
29.37

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
Unemployment Claims
4:30pm
249K
236K
235K
ISM Manufacturing PMI
6:00pm
46.8
48.8
48.5

Conclusion

In the complex and dynamic 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 perspective to assist investors in navigating the intricacies of gold and silver trading.

DisclaimerThis 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.