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.
Gold price saw reversing a part of Friday’s upswing, having faced rejection once again above the $2,330 level early Monday. Gold price fails to benefit from a pause in the US Dollar upsurge, as the US Treasury bond yields recover after last week’s downward spiral.
Gold price formed a Head-and-Shoulders chart pattern, which suggests the medium term target $2,270. However, at $2,300, we may see some value buying before further slip. Conversely, if Gold buyers lift prices above $2,331, look for a consolidation in the $2,350 to $2,380 area. The short term Stochastics Oscillator is at 29 and Relative Strength Index is at 46.
Silver surpasses $29.00 and gold/silver ratio re-witnessed 79 level. A move below $28.70 will open the way to the test of the support level at $28.50. The short term Stochastics Oscillator is at 17 and Relative Strength Index (RSI) is at 40.
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.
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