ISA Bullion Gold Report – 2 July 2024

Market Overview

Today’s report offers a detailed examination of the gold and silver markets, providing insights into the fundamental and technical factors driving current trends. Our objective is to equip investors with the knowledge needed to navigate these markets effectively.

Fundamental Analysis

Gold prices are looking to build on the previous upswing in the Asian session on Tuesday. However, gold buyers could turn cautious heading into the key US JOLTs Job Openings data and US Federal Reserve Chair Jerome Powell’s speech later in the day.

Gold:

• Gold price has been struggling to make it through the 50-day Moving Average pivotal resistance. Sustained strength beyond this should pave the way for a move towards the next relevant hurdle near the $2,356-$2,379 supply zone. Follow-through buying should allow bulls to reclaim the $2,400 round-figure mark and aim towards challenging the all-time peak around the $2,450 area touched in May. On the flip side, weakness below the $2,300 mark ahead of the $2,286 support could drag the gold price to the $2,253 area. The short-term Stochastics Oscillator is at 46, and the Relative Strength Index (RSI) is at 49.

Silver:

• Silver prices marched ahead, starting the new week on a positive note. It experienced a 1.37% decline last week but managed to secure a third consecutive quarterly gain. The rebound from recent lows is factored into the gold/silver ratio, which pulled back below the 79.50 level. If silver manages to settle above the $30.00 level, it will move towards the resistance at $30.90 – $31.20. The short-term Stochastics Oscillator is at 34, and the Relative Strength Index (RSI) is at 48.