ISA Bullion Gold Report – 29 October 2024

29 October 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2746
2724
2742
2748
-6.00
-0.22%
Silver
33.65
33.23
33.58
33.70
-0.12
-0.36%

Introduction

Amid fluctuating global markets and sustained economic uncertainty, gold and silver continue to assert their place as crucial assets for risk management and growth. With inflationary pressures and economic volatility on the rise, investors are turning to these metals for both security and potential gains. In today’s report, we dissect the latest price movements and technical indicators to help investors make well-informed decisions in a dynamic bullion landscape​.


Fundamental Analysis

Gold:

Gold has entered a consolidation phase, with upward movement currently capped by the record high of $2,759 set earlier this month. Buyers eyeing a new high will look for a sustained break above the $2,750 psychological level, which could pave the way toward further gains. However, should gold dip below the 25% Fibonacci retracement support at $2,718, it could prompt a corrective move down to the $2,700 mark. The technical indicators suggest cautious optimism, with the Stochastic Oscillator at 91 and the RSI at 69, reflecting overbought conditions.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2700
2718
2733
2752
2764
2780
2800

Silver:

Silver remains largely flat, trading near $33.58 with limited catalysts driving significant movement. An immediate drop below $33.50 would open the door for silver to test the support at $33.00. Meanwhile, a successful rally past the resistance at $34.00 could signal further bullish potential. The Stochastic Oscillator reads at 74, with an RSI of 64, both indicating modest buying momentum but with caution due to near-overbought levels.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
33.33
33.50
33.66
33.85
34.00
34.25
34.50

Definitions of Key Indicators

  • Stochastic Oscillator: This momentum indicator evaluates price trends by comparing the closing price to a range over a set period. A reading above 80 signals overbought conditions, while a reading below 20 suggests oversold conditions.
  • Relative Strength Index (RSI): This indicator measures the speed and change of price movements. An RSI above 70 suggests overbought conditions, while an RSI below 30 indicates oversold conditions.
Key US Economic Reports & Events
When
Actual
Expected
Previous
CB Consumer Confidence
6:00pm
108.7
99.5
98.7
JOLTS Job Openings
6:00pm
7.44M
7.98M
8.04M

Conclusion

In the face of persistent economic uncertainties, gold and silver prices are testing critical support and resistance levels. Gold’s stability above $2,718 will be crucial for further upside, while silver’s next move hinges on its ability to breach resistance at $34.00. Both metals exhibit technical indicators pointing to potential short-term corrections due to overbought conditions. Investors should remain vigilant, as these key levels and upcoming economic data will continue to shape trading opportunities and risks in the bullion markets.

Disclaimer - This report is for informational purposes only and based on data from reliable sources. It is not intended as investment advice. ISA Bullion doesn't take any liability for losses due to reliance on this information. Investors are encouraged to perform their research and consult with professional advisors before making any financial decisions​