ISA Bullion Gold Report – 30 July 2024

Market Overview

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.

Fundamental Analysis

Gold price is trading below $2,400 early Tuesday, as gold traders turn to the sidelines ahead of a series of upcoming high-impact macro news from the US and Europe.

Gold:

• Momentum above the $2,400 round figure is likely to confront some resistance near the $2,408 area ahead of last week’s swing high, around the $2,424 region. Sustained strength beyond this level 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 $2,451-$2,470 intermediate resistance and challenge the record peak, around the $2,483-$2,484 zone. On the flip side, weakness below the $2,371 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 27, and the Relative Strength Index is at 49.

Silver:

• Silver retreats as gold/silver ratio targets new highs above the 86 level. The strong rally in the gold/silver ratio served as the key bearish catalyst for silver markets in recent trading sessions. A move below the support at $27.20 – $27.50 will push silver towards the next support level at $25.75 – $26.00. The short-term Stochastics Oscillator is at 16, and the Relative Strength Index (RSI) is at 33.