ISA Bullion Gold Report – 8 July 2024

08 July 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2393
2354
2392
2356
+36.00
+1.53%
Silver
31.50
30.16
31.22
30.40
+0.82
+2.69%

Market Overview

Today’s report provides a comprehensive analysis of the gold and silver markets, highlighting the fundamental and technical factors influencing current trends. Our goal is to equip investors with the knowledge needed to navigate these markets effectively.


Fundamental Analysis

Gold prices are hovering around near six-week highs of $2,393 set on Friday, against a broadly subdued US Dollar. A modest recovery in US Treasury bond yields and China’s pause on gold buying for the second consecutive month in June are influencing the market.

Gold:

  • The first upside barrier for XAU/USD will emerge at the $2,400 psychological level. The additional upside filter to watch is $2,426. The next potential resistance zone is seen at an all-time high of $2,450. On the downside, the initial support level for the yellow metal is located at the $2,366-$2,351 zone. Extended losses could see a drop to $2,333. The short-term Stochastics Oscillator is at 88, and the Relative Strength Index (RSI) is at 58.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2333
2351
2366
2384
2400
2426
2450

Silver:

  • Silver tests new highs as the gold/silver ratio pulled back below the 76.00 level. If the gold/silver ratio settles below 76.00, it will gain additional downside momentum, which will be bullish for silver. A successful test of the resistance at $30.90 – $31.20 will push silver towards the next resistance level at $32.25 – $32.50. The short-term Stochastics Oscillator is at 78, and the Relative Strength Index (RSI) is at 57.
Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.33
30.50
30.66
30.80
31.00
31.25
31.50

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
Consumer Credit m/m
11:00 PM
11.4B
10.7B
6.4B

Summary

In the dynamic and evolving landscape of bullion markets, staying informed with both technical and fundamental analysis is crucial for making well-informed investment decisions. Our report aims to provide a balanced perspective to assist investors in navigating the complexities of gold and silver trading.

DisclaimerThis 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.