ISA Bullion Gold Report – 31 July 2024

Market Overview

Today’s report offers a comprehensive analysis of the gold and silver markets, focusing on the fundamental and technical factors influencing current trends. Our goal is to equip investors with the insights necessary to navigate these markets successfully.

Fundamental Analysis

Gold price has paused its previous upswing in Asian trading on Wednesday, as buyers take a breather and gather pace ahead of the all-important US Federal Reserve policy announcements.

Gold:

• The strong move beyond the $2,400 mark favors bullish traders. Moreover, oscillators on the daily chart have again started gaining positive traction and support prospects for additional gains. Adding to this, strength beyond the $2,444-2,460 region reaffirms the better outlook and aims to challenge the record peak, around the $2,484 zone. On the flip side, the $2,400 mark now seems to protect the immediate downside ahead of the $2,387-2,371 region, below which the Gold price could slide back to the 50-day SMA, currently pegged near the $2,359 area. The short-term Stochastics Oscillator is at 48 and Relative Strength Index is at 56.

Silver:

• Silver rebounds as gold/silver ratio pulled back towards the 85 level. Gold/silver ratio faced strong resistance near 86, but it remains to be seen whether it will pull back towards the recent range below the 80 level. From the technical point of view, silver received support near $28.37 – $27.94 and is moving towards the upper target at $28.73 – $29.00. The short-term Stochastics Oscillator is at 30 and Relative Strength Index (RSI) is at 42.