ISA Bullion Gold Report – 24 June 2024

Market Overview

Today’s analysis offers a comprehensive review of the gold and silver markets, highlighting the fundamental and technical factors driving current trends. Our report aims to provide investors with the insights needed to navigate these markets effectively.

Fundamental Analysis

Gold price is nursing losses early Monday, having witnessed a more than 1% sell-off on Friday. Gold traders now look forward to a slew of speeches from US Federal Reserve policymakers later on Monday for fresh policy cues and their impact on the US Dollar.

Gold:

• Friday’s decline resulted in a failed breakout through the 50-day Moving Average resistance. The subsequent downfall may lead to the $2,300 mark and retest the 100-day MA support near the $2,278 area. On the upside, resistance is seen near the $2,341-$2,347 levels en route to the $2,400 round-figure mark. Sustained strength beyond this will negate any near-term negative outlook and allow a retest of the all-time peak around the $2,450 area touched in May. The short-term Stochastics Oscillator is at 48, and the Relative Strength Index (RSI) is at 44.

Silver:

• Silver is under strong pressure as the gold/silver ratio rebounds towards the 78.50 level. Volatility indicators are in moderate territory, allowing room for momentum in both directions. Reclaiming $30.00 levels is crucial for the uptrend to remain intact. The short-term Stochastics Oscillator is at 44, and the Relative Strength Index (RSI) is at 49.