ISA Bullion Gold Report – 12 November 2024

12 November 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2686
2610
2620
2683
-63.00
-2.35%
Silver
31.59
30.41
30.68
31.29
-0.61
-1.95%

Introduction

As gold and silver prices confront multi-week lows, investors face new challenges driven by a strong U.S. dollar and elevated bond yields. This report delves into the forces shaping the precious metals market, providing insights that help investors navigate these turbulent times with clarity and precision.

Fundamental Analysis

Gold:

Gold continues its downward momentum, holding near the October lows as a resilient dollar and rising U.S. bond yields exert pressure. Having broken key Fibonacci retracement levels, any recovery will hinge on clearing resistance near $2,650, aligned with the 50-day SMA and the 78.6% Fibonacci level. The Stochastic Oscillator reads 22, and the RSI is at 38, signalling oversold conditions that could attract buyers.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2550
2566
2588
2607
2623
2641
2658

Silver:

Silver has also weakened alongside gold, with current prices testing critical support levels. A sustained drop below $30.00 could push silver toward the $29.33 – $29.66 range. However, with a Stochastic Oscillator reading of 16 and an RSI of 38, silver appears oversold, potentially setting up for a short-term recovery.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
29.33
29.66
29.99
30.32
30.66
31.87
32.11

Definitions of Key Indicators

  • Short-Term Stochastic Oscillator: This momentum indicator compares the closing price to its range over a given period, with values above 80 suggesting overbought conditions and below 20 indicating oversold levels.
  • Relative Strength Index (RSI): The RSI measures the speed and magnitude of price movements, helping to identify overbought conditions above 70 and oversold conditions below 30.
Key US Economic Reports & Events
When
Actual
Expected
Previous
FOMC Member Waller Speaks
7:00 PM
NA
NA
NA

Conclusion

In today’s market, gold and silver prices are navigating crucial support levels under pressure from a strengthening dollar and high bond yields. For investors, these technical levels offer both risks and opportunities, with oversold indicators suggesting possible short-term rebounds. Staying informed and agile will be essential as markets continue to react to U.S. economic policy signals and global demand trends.

Disclaimer This report is for informational purposes only and is based on data from reputable sources. It does not constitute investment advice. ISA Bullion disclaims any liability for losses arising from reliance on the information provided. Investors should conduct their own research and consult professional advisors before making financial decisions.