ISA Bullion Gold Report – 19 July 2024

19 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2475
2440
2444
2458
-14.00
-0.57%
Silver
30.63
29.73
30.70
30.30
+0.40
+1.32%

Market Insights

Today’s analysis provides a comprehensive look at the gold and silver markets, highlighting the fundamental and technical factors driving current trends. Our objective is to equip investors with the insights necessary to navigate these markets effectively.


Fundamental Analysis

Gold prices are experiencing a three-day corrective decline from record highs of $2,484, paring back weekly gains amid a solid rebound staged by the US Dollar alongside the US Treasury bond yields.

Gold:

  • The gold price is pulling back, hinting that traders are booking profits after rallying more than 8% during the last three weeks. Momentum remains bullish in the mid-term, but the Relative Strength Index (RSI) is aiming lower, indicating that buyers are taking a respite before lifting the precious metal to higher prices. In the short term, if XAU/USD closes below $2,450 this week, it could pave the way to challenge $2,400. Conversely, conquering $2,468 could lead to a new all-time high of $2,500. The short-term Stochastics Oscillator is at 73, and the Relative Strength Index (RSI) is at 57.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2381
2400
2414
2425
2450
2468
2484

Silver:

  • Silver is pulling back as the gold/silver ratio tests new highs, currently attempting to settle above the 82 level. If silver closes below the $30.00 level, it will move towards the nearest support at $29.00 – $28.00. The short-term Stochastics Oscillator is at 39, and the Relative Strength Index (RSI) is at 43.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
28.82
29.00
29.18
29.40
29.66
30.00
30.21

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
FOMC Member Williams Speaks
6:40pm
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 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.