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 slides on Tuesday, as the uptick lacks any follow-through buying. Signs of easing inflation keep a September Fed rate cut on the table and lend support. A modest USD strength caps the upside for the XAU/USD ahead of the US Retail Sales.
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 $2,336, look for a consolidation in the $2,350 to $2,380 area. The short term Stochastics Oscillator is at 33 and Relative Strength Index is at 47.
Silver is moving with upward bias as traders’ focus on the dynamics of gold markets. Gold/silver ratio settled near the 79.00 level. A move above 80 can put pressure on silver markets. An intermittent test of the support at $28.70 – $29.00 can be seen. The short term Stochastics Oscillator is at 24 and Relative Strength Index (RSI) is at 48.
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.