Gold Oz
Selling
$
Buying
$
Gold KG
Selling
$
Buying
$
Silver Oz
Selling
$
Buying
$
Silver KG
Selling
$
Buying
$

ISA Bullion Gold Report – 31 July 2024

31 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2413
2376
2408
2383
+25.00
+1.05%
Silver
28.42
27.62
28.39
27.86
+0.53
+1.90%

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.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2371
2387
2408
2420
2444
2460
2484

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.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
27.94
28.18
28.37
28.60
28.73
28.88
29.00

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
Pending Home Sales m/m
6:00pm
4.8%
1.4%
-2.1%
Federal Funds Rate
10:00pm
5.50%
5.50%
5.50%
FOMC Statement
10:00pm
NA
NA
NA
FOMC Press Conference
10:00pm
NA
NA
NA

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.