ISA Bullion Gold Report – 29 July 2024

29 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2391
2355
2385
2364
+21.00
+0.89%
Silver
28.08
27.58
27.89
27.97
-0.08
-0.29%

Market Overview

Today’s report delivers a comprehensive analysis of the gold and silver markets, highlighting the fundamental and technical factors influencing current trends. Our objective is to provide investors with the insights required to navigate these markets effectively.


Fundamental Analysis

Gold price is building on its previous recovery early Monday, having defended the key support at $2,360 on a weekly closing basis. Gold buyers fight back control heading into the critical central banks’ bonanza week, with the US Federal Reserve (Fed) – the main event risk for the bright metal.

Gold:

  • Momentum above the $2,400 round figure is likely to confront some resistance near the $2,418 area ahead of last week’s swing high, around the $2,433 region. A sustained strength beyond the latter will suggest that the corrective decline from the all-time peak touched earlier this month has run its course and set the stage for additional gains. The gold price might then climb to the $2,469-$2,470 intermediate resistance and challenge the record peak, around the $2,483-$2,484 zone. On the flip side, weakness below the $2,375 level might continue to attract buyers. A sustained breakdown through the said support, however, will be seen as a fresh trigger for bearish traders and drag the gold price to the next relevant support near the $2,323 area. The downward trajectory could extend further towards testing the $2,300 round-figure mark for the first time since late June. The short-term Stochastics Oscillator is at 31, and the Relative Strength Index is at 52.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2323
2350
2375
2396
2418
2433
2451

Silver:

  • Silver is trying to rebound after the strong pullback. The gold/silver ratio made an attempt to settle above the 86 level, which was bearish for silver. If silver settles back above the $28.00 level, it will head towards the nearest resistance, which is located in the $28.42 – $28.60 range. The short-term Stochastics Oscillator is at 18, and the Relative Strength Index (RSI) is at 34.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
27.50
27.66
27.83
28.08
28.26
28.42
28.60

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
No Important data today.

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.

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.