ISA Bullion Gold Report – 14 June 2024

14 June 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2326
2295
2302
2321
-19.00
-0.82%
Silver
29.66
28.65
28.92
29.54
-0.62
-2.10%

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 is trading near the $2,300 level in Asian trades on Friday, consolidating the previous decline. However, it remains on track to book the first weekly gain in four weeks.

Gold:

Gold price formed a Head-and-Shoulders chart pattern, suggesting a medium-term target of $2,270. However, at $2,300, we may see some value buying before further decline. Conversely, if buyers lift prices above $2,328, look for consolidation in the $2,350 to $2,380 area. The short-term Stochastics Oscillator is at 24, and the Relative Strength Index (RSI) is at 47.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2270
2281
2300
2311
2328
2350
2366

Silver:

Silver tests support at $28.70 – $29.00 as the gold/silver ratio climbed back above the 79 level. A move below $28.70 will open the way to test the support level at $28.50. The short-term Stochastics Oscillator is at 13, and the Relative Strength Index (RSI) is at 46.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
28.50
28.70
29.00
29.14
29.43
29.76
30.00

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
YESTERDAY’s DATA
Core PPI m/m
4:30pm
0.0%
0.3%
0.5%
PPI m/m
4:30pm
-0.2%
0.1%
0.5%
Unemployment Claims
4:30pm
242K
225K
229K
TODAY’s DATA
Prelim UoM Consumer Sentiment
6:00 PM
72.1
69.1

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.

 

For more details visit ISA Bullion. 

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.