Today’s analysis provides a detailed examination of the gold and silver markets, highlighting the fundamental and technical factors influencing current trends. Our report aims to equip investors with the insights needed to navigate these markets effectively.
Gold price advances to a two-week top amid fresh USD selling. Rising Fed rate cut bets keep US bond yields depressed and weigh on the dollar. Traders look to the US jobless claims for some impetus ahead of the NFP on Friday.
Any further upward movement is likely to confront stiff resistance near the $2,400 mark. Follow-through buying has the potential to lift the price to the next relevant hurdle near $2,424, en route to $2,450. On the downside, a meaningful slide below $2,353 may attract fresh buyers around the $2,336 zone, limiting the downside near $2,320. The short-term Stochastics Oscillator is at 39, and the Relative Strength Index (RSI) is at 54.
Silver rebounds after yesterday’s sell-off. The gold/silver ratio pulled back towards the 78 level, providing additional support to silver. A base above the $30.00 level will push silver towards the resistance at $31.00 – $32.00. The short-term Stochastics Oscillator is at 35, and the Relative Strength Index (RSI) is at 54.
In the dynamic and complex landscape of bullion markets, staying informed with both technical and fundamental analysis is crucial for making sound investment decisions. Our report strives to provide a balanced view to assist investors in navigating the intricacies of gold and silver trading.