ISA Bullion Gold Report – 17 July 2024

17 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2469
2423
2468
2422
+46
+1.90%
Silver
31.42
30.48
31.38
31.01
+0.37
+1.19%

Market Insights

Today’s analysis provides a comprehensive 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 effectively.


Fundamental Analysis

Gold prices are consolidating the three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.

Gold:

  • Gold hit a new all-time high as US yields tumbled, with buyers eyeing the $2,500 mark. Prices remain bullish and are trading at all-time highs, having cleared the May 20 high of $2,450, which opened the door for further gains. Momentum is still in the bulls’ favor, as depicted by the Relative Strength Index (RSI), which is shy of reaching overbought conditions. XAU/USD’s next resistance would be $2,484, followed by the $2,500 figure. Conversely, if gold prices slide below $2,450, the first major support would be the $2,450 figure. The short-term Stochastics Oscillator is at 90, and the Relative Strength Index (RSI) is at 68.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2414
2431
2450
2466
2484
2500
2525

Silver:

  • Silver continues its attempts to achieve $31.25 amid rising demand for precious metals. A move above $31.25 will push silver towards the resistance at $31.50. The short-term Stochastics Oscillator is at 72, and the Relative Strength Index (RSI) is at 54.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.00
30.21
30.50
30.80
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
Building Permits
4:30pm
1.45M
1.40M
1.40M
Housing Starts
4:30pm
1.35M
1.30M
1.28M
Industrial Production m/m
5:15pm
0.6%
0.3%
0.9%
FOMC Member Waller Speak
5:35pm
NA
NA
NA

Conclusion

In the complex 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 strives to provide a balanced view to assist investors in navigating the intricacies of gold and silver trading.

Disclaimer This 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.