ISA Bullion Gold Report – 23 July 2024

Market Overview

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

Fundamental Analysis

Gold prices are making another attempt to reclaim $2,400 on a sustained basis, replicating moves seen during Monday’s Asian trading session. The gold price appears to be benefiting from typical market caution, renewed concerns about China’s economy, and anticipation ahead of key US earnings reports.

Gold:

• The gold price finds support and attracts buyers near the $2,385 resistance breakpoint. The price might then slide to the 61.8% Fibonacci level, around the $2,366 region, en route to the $2,350 zone before eventually dropping to the 78.6% Fibonacci level near the $2,323 area and the $2,300 mark. On the flip side, any further move up is likely to confront resistance near the $2,418 zone. Above this level, short covering could lift the gold price to the $2,433-$2,450 region. The short-term Stochastics Oscillator is at 41, and the Relative Strength Index (RSI) is at 51.

Silver:

• Silver attempted to settle near the support at $28.75 – $28.60 as the gold/silver ratio remained above the 82 level. A move below $28.42 will push silver toward the next support at $28.11 – $28.00. The short-term Stochastics Oscillator is at 18, and the Relative Strength Index (RSI) is at 40.