ISA Bullion Gold Report – 28 October 2024

28 October 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2748
2716
2748
2735
+13.00
+0.48%
Silver
34.03
33.07
33.70
33.70
0
0

Introduction

In the face of relentless global economic shifts and intensified geopolitical tensions, gold and silver persist as crucial assets for investors seeking stability and potential growth. With their unique status as safe havens, these metals offer a refuge against currency fluctuations and inflationary pressures. This report delves into the latest price movements and key technical indicators for gold and silver, empowering investors with the insights they need to make informed decisions in today’s volatile market landscape.


Fundamental Analysis

Gold:

Gold prices are testing support at $2,718, the 23.6% Fibonacci Retracement level from its recent October rally. With renewed U.S. dollar strength limiting gains, the $2,750 psychological barrier remains a target if buyers regain momentum. Gold’s upward trajectory could face resistance if the metal fails to hold above $2,718, potentially challenging $2,700, with further downside at $2,689. Technical indicators reflect overbought conditions, as the Stochastic Oscillator is at 88, and the RSI at 66.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2689
2700
2718
2744
2760
2780
2800

Silver:

Silver remains below key resistance at $34.25 as profit-taking limits upward movement. A breakout above this level would push silver toward the next psychological target of $35.00. Silver’s technical indicators show the Stochastic Oscillator at 72 and the RSI at 60, suggesting moderate bullish momentum with room for further upside should resistance levels be breached.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
33.00
33.33
33.50
33.66
33.85
34.00
34.25

Definitions of Key Indicators

  • Stochastic Oscillator: This momentum indicator assesses market strength by comparing the closing price to a specified price range over a set period. It signals overbought conditions above 80 and oversold conditions below 20.
  • Relative Strength Index (RSI): Measures price movement speed and changes, indicating overbought conditions above 70 and oversold conditions below 30.
Key US Economic Reports & Events
When
Actual
Expected
Previous
NO IMPORTANT DATA TODAY

Conclusion

As global uncertainties persist, gold and silver prices are positioned at pivotal support and resistance levels. Gold’s ability to sustain above $2,718 will be crucial in maintaining its upward momentum, while silver must break through $34.25 to continue its rally. Both metals’ technical indicators suggest caution as overbought conditions could trigger short-term corrections. Investors should remain attentive to these critical levels, using the insights from technical and fundamental analysis to navigate opportunities in these volatile markets.

Disclaimer - This report is provided for informational purposes only and is based on data from reliable sources. It is not intended as investment advice. ISA Bullion disclaims any liability for losses arising from reliance on the information provided. Investors are encouraged to perform their own research and consult with professional advisors before making any financial decisions.