Gold prices are stabilizing near $2,626, with buyers adopting a cautious stance as an impending Bear Cross looms. The 21-day SMA is approaching a crossover below the 50-day SMA, and if confirmed on a daily closing basis, it would validate a bearish signal. Supporting the potential for further downside, the 14-day Relative Strength Index (RSI) has settled below the critical 50 level.
Immediate support lies at the intraday low of $2,605–$2,600, and a break below this range could push prices further down toward $2,572. On the other hand, for bullish momentum to build, gold needs a daily close above the confluence of the 21-day and 50-day SMAs at $2,667. Beyond this, resistance levels are identified at $2,705 and the recent high of $2,721.
The Stochastics Oscillator is at 56 and Relative Strength Index is at 45.
Silver prices have pulled back as traders react to the sharp sell-off in gold markets. The gold/silver ratio has stabilized near the 87.00 level, showing minimal influence on silver’s market dynamics. Should silver close below the $30.00 threshold, it is likely to move toward the next support zone between $29.66 and $29.42.
The short-term Stochastics Oscillator is at 31 and Relative Strength Index (RSI) is at 40.
The current dynamics in the bullion market underscore the impact of geopolitical tensions and trade uncertainties on investor sentiment. Gold’s cautious recovery and silver’s subdued performance highlight the importance of monitoring key support and resistance levels for potential trading opportunities. As market conditions evolve, maintaining a strategic balance between technical and fundamental analysis is crucial for informed decision-making.
At ISA Bullion, we are committed to delivering timely insights and expert analysis to empower your investment strategies in the ever-changing precious metals market.