ISA Bullion Gold Report – 22 July 2024

22 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2446
2393
2400
2444
-44.00
-1.80%
Silver
29.90
28.86
29.26
30.00
-0.74
-2.47%

Market Overview

Today’s report provides a comprehensive examination of 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 successfully.


Fundamental Analysis

Gold prices are attempting a rebound from $2,400, following a three-day corrective decline from record highs of $2,484. The recent pullback in gold prices is due to a broad-based weakness in the US Dollar and sluggish US Treasury bond yields, despite a risk-averse market sentiment.

Gold:

  • Last week’s corrective slide from the all-time peak stalled near the $2,400 mark. A convincing break below this level could pave the way for deeper losses, dragging the gold price to the 61.8% Fibonacci level around the $2,366 region, en route to the $2,350 zone. Conversely, any subsequent move up is likely to confront resistance near the $2,425-$2,450 zone, above which short-covering could lift the gold price to the $2,468 region. The short-term Stochastics Oscillator is at 60, and the Relative Strength Index (RSI) is at 56.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2350
2366
2381
2404
2425
2450
2468

Silver:

  • Silver is losing ground as traders focus on the strong sell-off in gold markets. Currently, silver is trying to settle below the support at $28.75 – $29.00. If this attempt is successful, it will head towards the next support level at $27.20 – $27.50. The short-term Stochastics Oscillator is at 36, and the Relative Strength Index (RSI) is at 42.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
28.42
28.60
28.82
29.00
29.18
29.40
29.66

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
No Important Data Today.

Conclusion

In the complex 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 strives to provide a balanced perspective 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.