Today’s analysis provides a comprehensive 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 enters a bullish consolidation phase near a two-week high touched on Thursday. Traders are waiting for the US NFP report before positioning for the near-term trajectory. Fed rate cut bets are keeping US bond yields and the USD depressed, lending some support.
Any further upward movement is likely to confront stiff resistance near the $2,400 mark. Follow-through buying may 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 48, and the Relative Strength Index (RSI) is at 55.
Silver rallied as the gold/silver ratio pulled back below the 76 level. The continuation of the previous bearish trend in the gold/silver ratio is bullish for silver markets. A move above the resistance at $30.90 – $31.20 will push silver toward the next resistance at $32.30 – $32.50. The short-term Stochastics Oscillator is at 46, and the Relative Strength Index (RSI) is at 57.
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.