ISA Bullion Gold Report – 11 November 2024

11 novembre 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2710
2680
2683
2707
-24.00
-0.89%
Silver
32.08
31.18
31.29
31.99
-0.70
-2.19%

Introduction

As markets adjust to shifting economic signals and a stronger dollar, gold and silver face new challenges amid global investor sentiment. This report delves into the key technical levels and fundamental drivers impacting precious metals, providing insights to help investors make well-informed decisions in an evolving landscape.

Fundamental Analysis

Gold:

Gold’s recent recovery has met resistance at the 50% Fibonacci retracement level near $2,727, with continued dollar strength limiting upward momentum. Immediate downside support stands at $2,672, with further support at $2,658 and $2,641, the latter being the 50-day SMA. A decisive break below these levels could prompt a deeper correction towards the $2,623 region. The Stochastic Oscillator currently reads 32, with an RSI of 44, indicating a loss of upward momentum.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2623
2641
2658
2674
2700
2727
2754

Silver:

Silver prices have softened as dollar strength and diminished industrial demand weigh on prices. A break below $31.21 could drive silver towards the $30.99 level, while recovery beyond $31.78 may open the way to resistance at $32.06 and $32.33. The Stochastic Oscillator is at 24, indicating oversold conditions, and the RSI stands at 44.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
30.33
30.66
30.99
31.22
31.50
31.78
32.06

Definitions of Key Indicators

  • Short-Term Stochastic Oscillator: This indicator compares the closing price to its range over a given period, with values above 80 suggesting overbought conditions and below 20 indicating oversold conditions.
  • Relative Strength Index (RSI): The RSI measures the speed and magnitude of price movements, helping to identify overbought conditions above 70 and oversold conditions below 30.
Key US Economic Reports & Events
When
Actual
Expected
Previous
US Holiday for Veterans Day

Conclusion

In a market landscape driven by dollar strength and evolving economic sentiment, gold and silver are testing critical support and resistance zones. Gold’s struggle at the $2,727 level and silver’s position around $31.21 highlight potential opportunities and risks. Technical indicators show signs of weakening momentum, pointing to possible pullbacks that could provide strategic entry points. Staying informed and responsive will be crucial for investors navigating today’s dynamic bullion markets.

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