ISA Bullion Gold Report – 28 June 2024

28 June 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2324
2293
2298
2319
-21.00
-0.91%
Silver
29.25
28.68
29.06
28.75
+0.31
+1.08%

Market Insights

Today’s report provides an in-depth examination of the gold and silver markets, offering insights into the fundamental and technical factors influencing current trends. Our objective is to equip investors with the knowledge needed to navigate these markets effectively.

Fundamental Analysis

Gold prices have snapped their rebound from two-week lows early Friday, losing ground after running into offers near the $2,330 resistance again. The next direction for Gold prices now remains in the hands of the US Personal Consumption Expenditure (PCE) inflation data.

Gold:

  • Immediate resistance is near the $2,336 region, acting as a key pivotal point. Sustained strength beyond this level has the potential to lift the Gold price back towards the $2,350-$2,376 supply zone. Continued buying could negate any near-term negative bias and allow bulls to reclaim the $2,400 round-figure mark. On the downside, the $2,300 round-figure mark is likely to protect immediate losses ahead of the $2,286 horizontal support. A convincing break below this level could trigger further bearish moves toward the 100-day MA near the $2,253 area. The short-term Stochastics Oscillator is at 42, and the Relative Strength Index (RSI) is at 48.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2253
2286
2300
2325
2336
2350
2376

Silver:

  • Silver prices were higher on Thursday, bolstered by a weaker dollar and economic data highlighting reduced economic momentum. Business spending on equipment declined in May, and a slump in exports increased the goods trade deficit. The government confirmed sharp moderation in Q1 GDP growth. Investors are betting on two interest rate cuts this year, despite the Federal Reserve projecting only one, reducing the opportunity cost of holding non-yielding assets like silver. The short-term Stochastics Oscillator is at 27, and the Relative Strength Index (RSI) is at 47.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
28.56
28.78
29.00
29.18
29.33
29.50
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
GDP m/m
4:30pm
0.3%
0.3%
0.0%
Core PCE Price Index m/m
4:30pm
0.1%
0.1%
0.2%
Chicago PMI
5:45pm
47.4
39.7
35.4
Revised UoM Consumer Sentiment
6:00pm
68.2
65.9
65.6

Summary

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.