ISA Bullion Gold Report – 15 July 2024

15 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2417
2392
2411
2414
-3.00
-0.12%
Silver
31.46
30.37
30.77
31.43
-0.66
-2.10%

Market Overview

Today’s analysis provides an in-depth examination of the gold and silver markets, offering insights into the fundamental and technical factors driving current trends. Our objective is to equip investors with the knowledge necessary to navigate these markets successfully.


Fundamental Analysis

Gold prices have started the new week on a weaker note due to some renewed USD buying. However, expectations of a Federal Reserve rate cut in September are capping USD gains and lending support to gold.

Gold:

  • Last week, the gold price entered an aggressive uptrend and decisively broke the Head-and-Shoulders neckline. The sustained breakout through the $2,400 mark is seen as a fresh trigger for bullish traders. The first resistance is the year-to-date high of $2,450, followed by the $2,500 mark. Conversely, if gold slides below the $2,400 figure, the next demand zone will be the July 5 high at $2,392. If cleared, XAU/USD could continue to $2,350. The short-term Stochastics Oscillator is at 88 and the Relative Strength Index is at 60.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2350
2368
2392
2409
2426
2450
2466

Silver:

  • Silver is losing ground as the gold/silver ratio jumped above the 78.00 level. The recent attempt to settle above the resistance at $30.95 – $31.25 yielded no results. In case silver stays below the $30.95 level, it will move towards the 50 MA at $30.00. The short-term Stochastics Oscillator is at 75 and the Relative Strength Index (RSI) is at 55.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.00
30.21
30.50
30.73
30.95
31.25
31.50

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
Empire State Manufacturing Index
4:30pm
-6.6
-5.5
-6.0
Fed Chair Powell Speaks
8:00pm
NA
NA
NA

Conclusion

In the dynamic and ever-evolving landscape of bullion markets, staying informed with both technical and fundamental analysis is crucial for making well-informed investment decisions. Our report aims to provide a balanced perspective to assist investors in navigating the complexities 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.