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 is consolidating the previous bounce but remains confined in a narrow range near $2,350 early Friday. Gold price awaits the highly anticipated US Core Personal Consumption Expenditure Price Index, the Federal Reserve’s preferred inflation measure, for a fresh directional impetus.
The upper boundary of the Bollinger Band near $2,374 acts as an immediate resistance level. Any follow-through buying will see a rally to the all-time high of $2,400 en route to the $2,500 psychological barrier. On the downside, the key support level emerges at the $2,323–$2,300 region, portraying the lower limit of the Bollinger Band and the round mark. A decisive break below this level will drag the yellow metal lower to $2,288. The short-term Stochastics Oscillator is at 71 and the Relative Strength Index (RSI) is at 54.
Silver pulled back as the gold/silver ratio rebounded towards the 75 level. Silver bulls continue to take profits near multi-year highs. A move below the support at $31.00 – $30.50 will push silver toward the next support level at $30.00. The short-term Stochastics Oscillator is at 70 and the Relative Strength Index (RSI) is at 61.
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.