ISA Bullion Gold Report – 24 July 2024

Market Overview

Today’s report comprehensively examines the gold and silver markets, highlighting the fundamental and technical factors influencing current trends. Our goal is to equip investors with the insights necessary to navigate these markets successfully.

Fundamental Analysis

Gold prices are looking to build on the previous rebound of $2,400 in Asian trading on Wednesday, despite a buoyant tone seen around the US dollar and the US Treasury bond yields. Gold traders now look forward to the global preliminary business PMI data for fresh trading impetus.

Gold:

• Gold must settle above Monday’s high at $2,412 for a bullish continuation. Once surpassed, the next resistance would be $2,450 before challenging the all-time high of $2,483. Up next would be the $2,500 figure. Conversely, if XAU/USD tumbles below $2,394, a deeper correction is on the cards. The next support would be the 50-day Simple Moving Average (SMA) at $2,350. Once sellers clear the 100-day SMA at $2,315, further losses are seen before falling toward $2,300. The short-term Stochastics Oscillator is at 46 and Relative Strength Index is at 57.

Silver:

• Silver remains under some pressure as the gold/silver ratio climbed above the 82.50 level. It should be noted that Silver made several attempts to settle below the support at $28.78 – $29.00, but these attempts yielded no results. If silver manages to settle above the $29.00 level, it will move towards the 50 MA at $30.21. The short-term Stochastics Oscillator is at 24 and the Relative Strength Index (RSI) is at 43.