ISA Bullion Gold Report – 17 July 2024

Market Insights

Today’s analysis provides a comprehensive examination of the gold and silver markets, offering insights into the fundamental and technical factors driving current trends. Our objective is to equip investors with the knowledge necessary to navigate these markets effectively.

Fundamental Analysis

Gold prices are consolidating the three-day uptrend to a new record high above $2,480 in Asian trades on Wednesday, as buyers take a breather before resuming the winning momentum.

Gold:

• Gold hit a new all-time high as US yields tumbled, with buyers eyeing the $2,500 mark. Prices remain bullish and are trading at all-time highs, having cleared the May 20 high of $2,450, which opened the door for further gains. Momentum is still in the bulls’ favor, as depicted by the Relative Strength Index (RSI), which is shy of reaching overbought conditions. XAU/USD’s next resistance would be $2,484, followed by the $2,500 figure. Conversely, if gold prices slide below $2,450, the first major support would be the $2,450 figure. The short-term Stochastics Oscillator is at 90, and the Relative Strength Index (RSI) is at 68.

Silver:

• Silver continues its attempts to achieve $31.25 amid rising demand for precious metals. A move above $31.25 will push silver towards the resistance at $31.50. The short-term Stochastics Oscillator is at 72, and the Relative Strength Index (RSI) is at 54.