ISA Bullion Gold Report – 4 November 2024

04 November 2024
OTC Market Data
High
Low
Close
Previous
Change USD
Change %
Gold
2762
2733
2735
2744
-9.00
-0.33%
Silver
33.14
32.32
32.42
32.65
-0.23
-0.70%

Introduction

As global markets brace for the U.S. presidential election and key Federal Reserve policy updates, gold and silver continue to play a critical role for investors seeking stability and potential growth. Amid a cautious market sentiment and heightened geopolitical tensions, today’s report delves into the factors driving precious metals. By integrating technical and fundamental insights, we provide a strategic outlook to help you make informed decisions in the face of evolving market dynamics.

Fundamental Analysis

Gold:

Gold is attempting to stabilize above the $2,720 support level as market participants await upcoming U.S. policy and election outcomes. Buyers need to regain ground above the $2,758 Fibonacci Retracement level to potentially resume the uptrend toward the record high of $2,790. A break below $2,720 may push gold down toward the psychological support of $2,700, with further declines testing Fibonacci support at $2,684. The Short-Term Stochastic Oscillator is at 65, and the RSI stands at 60, signaling moderate bullish momentum.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
2684
2700
2720
2740
2758
2764
2790

Silver:

Silver is showing signs of pressure, driven by the rising gold/silver ratio above 84.00. Maintaining a position below $32.50 could expose the metal to further support at the $32.33–$32.00 range. The Short-Term Stochastic Oscillator for silver is at 41, while the RSI reads 51, indicating subdued momentum but room for potential recovery if resistance levels are tested.

Support 3
Support 2
Support 1
Current Market Price
Resistance 1
Resistance 2
Resistance 3
32.00
32.33
32.50
32.64
32.80
33.00
33.20

Definitions of Key Indicators

  • Short-Term Stochastic Oscillator: A momentum indicator that compares a closing price to its price range over a specified period. Readings above 80 indicate overbought conditions, while readings below 20 indicate oversold conditions.
  • Relative Strength Index (RSI): RSI gauges the speed and change of price movements, identifying overbought conditions above 70 and oversold conditions below 30, helping investors anticipate potential price reversals.
Key US Economic Reports & Events
When
Actual
Expected
Previous
Factory Orders m/m
7:00pm
-0.5%
-0.4%
-0.2%

Conclusion

Today’s analysis highlights the delicate balance of support and resistance levels for gold and silver, influenced by impending U.S. election results and policy updates. Gold’s position above $2,720 and silver’s consolidation below $32.50 underscore key short-term considerations for investors. Technical indicators reflect moderate momentum, suggesting that potential corrections could offer strategic entry points. Remaining informed and adaptable will be crucial as these precious metals continue to navigate a complex global market landscape.

Disclaimer - This report is intended for informational purposes only and is based on data from reliable 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.