ISA Bullion Gold Report – 10 July 2024

Market Overview

Today’s report offers a comprehensive analysis of the gold and silver markets, providing insights into the fundamental and technical factors influencing current trends. Our goal is to equip investors with the knowledge needed to navigate these markets effectively.

Fundamental Analysis

Gold price is looking to build on the previous rebound above $2,350 in Wednesday’s Asian session, as the US Dollar consolidates its recovery gains alongside the US Treasury bond yields.

Gold:

• Gold price formed a bearish Harami candlestick pattern after breaching the Head-and-Shoulders neckline, which pushed XAU/USD toward the $2,400 figure before tumbling to the current price level. Buyers are still in charge however, Gold’s first resistance would be the $2,400 figure. Further upside is seen, with the next resistance lying at the year-to-date high of $2,450, ahead of the $2,500 mark. Conversely, if XAU/USD slumps below $2,351, the golden metal might decline to the $2,308 level. The short-term Stochastics Oscillator is at 73 and Relative Strength Index is at 52.

Silver:

• Silver continues its attempts to settle above the resistance at $31.00 as the gold/silver ratio stays near the 76.50 level. A move above $31.25 will push silver toward the next resistance at $31.50. The short-term Stochastics Oscillator is at 74 and Relative Strength Index (RSI) is at 56.