ISA Bullion Gold Report – 20 November 2024

20 November 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2640
2610
2632
2612
+20.00
+0.77%
Silver
31.55
31.04
31.21
31.16
+0.05
+0.16%

Introduction

Gold prices maintain their recovery momentum, edging closer to the $2,650 mark amid easing U.S. Treasury yields and heightened geopolitical tensions. As investors evaluate economic signals and Federal Reserve policy outlooks, today’s analysis identifies critical support and resistance levels to guide strategic trading decisions.

Fundamental Analysis

Gold:

Gold continues its rebound, supported by bullish technical signals and haven flows stemming from geopolitical risks. Prices have surpassed the 38.2% Fibonacci retracement level, with immediate resistance at $2,656 and higher targets at $2,681 and $2,705. On the downside, $2,600 serves as a critical support, protecting the short-term trend. The Stochastic Oscillator is at 36, and the RSI reads 46, indicating moderate recovery potential.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2533
2561
2600
2636
2656
2681
2705

Silver:

Silver remains steady around the $31.00 mark, with indicators suggesting room for further upward momentum. Resistance at $31.27 and $31.56 will be pivotal, with potential targets at $31.88 and $32.00 if momentum continues. Support levels at $30.60 and $30.32 provide a solid base for the current trend. The Stochastic Oscillator is at 38, and the RSI is at 45, signaling balanced conditions with room for gains.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.00
30.32
30.60
31.00
31.27
31.56
31.88

Definitions of Key Indicators

  • Short-Term Stochastic Oscillator: This momentum indicator compares the closing price to its range over a given period, identifying overbought conditions above 80 and oversold conditions below 20.
  • Relative Strength Index (RSI): RSI evaluates price movement magnitude, signaling overbought conditions above 70 and oversold conditions below 30, aiding in trend identification.
Key US Economic Reports & Events
When
Actual
Expected
Previous
FOMC Member Barr Speaks
7:00pm
NA
NA
NA
FOMC Member Cook Speaks
8:00pm
NA
NA
NA
FOMC Member Bowman Speaks
8:00pm
NA
NA
NA

Conclusion

Gold and silver markets continue to recover, with critical resistance levels shaping short-term opportunities. For gold, resistance at $2,656 and $2,681 defines the next upside targets, while silver’s steady climb past $31.00 opens the way toward $31.88 and $32.00. With technical indicators signaling balanced momentum, these levels present potential entry points for informed investors. Staying vigilant and responsive to global and economic developments will be key to leveraging opportunities in this dynamic market.

Disclaimer This report is for informational purposes only and is based on data from reputable sources. It does not constitute investment advice. ISA Bullion disclaims any liability for losses arising from reliance on the information provided. Investors should conduct their own research and consult professional advisors before making financial decisions.