ISA Bullion Gold Report – 25 July 2024

25 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2432
2396
2398
2409
-11.00
-0.45%
Silver
29.47
28.88
28.99
29.22
-0.23
-0.79%

Market Overview

Today’s report delivers an in-depth analysis of the gold and silver markets, emphasizing the fundamental and technical factors that drive current trends. Our objective is to provide investors with the insights required to navigate these markets effectively.


Fundamental Analysis

Gold prices witnessed a significant drop to nearly $2,365 in Asian trading after breaching the $2,400 threshold. Sellers are holding their ground, anticipating the advance US second-quarter Gross Domestic Product (GDP) data due later Thursday.

Gold:

  • It’s prudent to wait for follow-through selling below the 61.8% Fibonacci level, around the $2,370 area, before positioning for deeper losses. If the XAU/USD weakens further below the 50-day Simple Moving Average (SMA), around the $2,350 region, it may test the next relevant support near the $2,323-$2,300 area. Conversely, any recovery attempt might face resistance ahead of the $2,400 round-figure mark. Sustained strength beyond this level has the potential to lift gold prices back towards the $2,418 horizontal resistance, en route to the $2,433-$2,450 region. The short-term Stochastics Oscillator is at 40, and the Relative Strength Index (RSI) is at 51.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2300
2323
2350
2375
2396
2418
2433

Silver:

  • Silver is losing ground as the gold/silver ratio moves towards the 83 level. The RSI remains in the moderate territory, indicating room for momentum gain in the near term. If silver declines below the support at $28.75 – $29.00, it will move towards the next support level, located in the $27.20 – $27.50 range. The short-term Stochastics Oscillator is at 18, and the Relative Strength Index (RSI) is at 36.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
27.27
27.50
27.66
27.90
28.08
28.26
28.42

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
Advance GDP q/q
4:30 PM
2.0%
1.4%
Unemployment Claims
4:30 PM
237K
243K

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 view 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.