ISA Bullion Gold Report – 16 July 2024

Market Overview

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

Fundamental Analysis

Gold prices are looking to extend previous gains early Tuesday, having clinched a new two-month high at $2,440 a day ago. Growing expectations that a US Federal Reserve interest rate cut in September is a done deal continue to underpin the non-interest-bearing gold price.

Gold:

• Last week’s breakout through the $2,392 supply zone and sustained strength above the $2,414 favor bullish traders. Further strength towards challenging the all-time peak, around the $2,450 area touched in May, looks possible. Also, dips below the $2,400 round figure could now be seen as a buying opportunity. The short-term Stochastics Oscillator is at 90, and the Relative Strength Index (RSI) is at 65.

Silver:

• Silver is currently priced at $30.80. The 4-hour chart identifies key levels with a pivot point at $30.87. Immediate resistance is seen at $31.25, followed by $31.50 and $31.76. Support levels are at $30.50, $30.21, and $29.88. A bullish breakout above this level could drive prices higher, targeting the next resistance. The short-term Stochastics Oscillator is at 70, and the Relative Strength Index (RSI) is at 55.