Today’s analysis provides an in-depth look at the gold and silver markets, offering insights into the fundamental and technical factors driving current trends. Our report aims to equip investors with the knowledge needed to navigate these markets effectively.
Gold price slides on weekend profit-taking while trading close to over two-week lows of $2,321, setting off on cautious footing. It fails to find inspiration from a broadly softer US Dollar and negative US Treasury bond yields.
The gold price might weaken further below the $2,300 round-figure mark and test the next relevant support near the $2,288-$2,271. On the flip side, momentum beyond the $2,344 area is likely to confront stiff resistance near the $2,359 region (Friday’s swing high). Some follow-through buying beyond the $2,374 level will be seen as a fresh trigger for bullish traders and lift the gold price toward the $2,400 mark. The short-term Stochastics Oscillator is at 11 and the Relative Strength Index (RSI) is at 43.
Silver pulls back as traders continue to take profits after the strong rally. The gold/silver ratio rebounded towards 76.50, which was bearish for silver. If silver stays below the $30.08 level, it will head toward the support at $29.72 – $29.53. The short-term Stochastics Oscillator is at 37 and the Relative Strength Index (RSI) is at 52.
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.