ISA Bullion Gold Report – 31 October 2024

31 أكتوبر 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2790
2770
2786
2775
+11.00
+0.40%
Silver
34.53
33.40
33.80
34.45
+0.35
+1.02%

Introduction

Amid a complex backdrop of geopolitical tensions and economic shifts, gold and silver continue to shine as vital assets for investors. As market volatility rises, driven by U.S. economic data and evolving global conditions, today’s report offers an in-depth examination of the current trends shaping precious metal prices. Our analysis brings clarity to the forces influencing gold and silver, equipping investors with crucial insights to navigate the dynamic market landscape.

 

Fundamental Analysis

Gold:

Gold remains robust, holding above the $2,770 level despite pressure from a strengthening U.S. dollar. Global uncertainties, coupled with anticipation around Federal Reserve policy shifts, continue to bolster the metal’s safe-haven appeal. Should gold surpass resistance at $2,800, a potential upward rally could aim toward $2,828. Conversely, a pullback may target support near $2,733. Today, the Short-Term Stochastic Oscillator sits at 71, suggesting moderated momentum, while the RSI is at 54, reflecting steady buying interest without signaling extremes.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2733
2752
2764
2785
2800
2828
2850

Silver:

Silver continues to consolidate near resistance around $34.00 as the gold/silver ratio climbs, tempering recent momentum. A breakout above $34.00 could see silver testing the $34.25 level, while a move below $33.50 might accelerate downside action. The Short-Term Stochastic Oscillator for silver is at 77, and the RSI stands at 62, indicating moderate buying momentum and signaling potential for further gains if resistance is surpassed.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
33.13
33.33
33.50
33.66
33.85
34.00
34.25

Definitions of Key Indicators

  • Short-Term Stochastic Oscillator: This indicator measures momentum by comparing the closing price with its price range over a specified period. Readings above 80 indicate overbought conditions, while readings below 20 suggest an oversold market.
  • Relative Strength Index (RSI): This indicator evaluates the speed and direction of price changes, helping identify overbought conditions above 70 and oversold conditions below 30.
Key US Economic Reports & Events
When
Actual
Expected
Previous
Core PCE Price Index m/m
4:30pm
0.3%
0.3%
0.1%
Employment Cost Index q/q
4:30pm
0.8%
0.9%
0.9%
Unemployment Claims
4:30pm
216K
229K
227K
Chicago PMI
5:45pm
41.6
46.9
46.6

Conclusion

Gold and silver continue to monitor key support and resistance zones, with gold’s resilience above $2,770 and silver’s approach toward $34.00 highlighting short-term price action. Both metals remain attractive amid rising economic uncertainties, providing strategic opportunities for investors. With technical indicators suggesting a balanced momentum, potential pullbacks may present fresh buying opportunities. Staying informed and adaptable will be crucial for investors aiming to capture value in today’s precious metals market.

Disclaimer - This report is provided solely for informational purposes and relies on data from reliable sources. It does not constitute investment advice. ISA Bullion disclaims any liability for losses arising from the information provided. Investors should conduct their research and consult professional advisors before making financial decisions.