Short-Term Technical Analysis For Gold-23/8/2024
Morning Update on Gold Technical Movements - August 23, 2024
Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s morning update on gold’s technical movements for the short term, specifically for, August 23, 2024.
Let’s take a look at the short-term movements of gold, specifically on the 15-minute timeframe. Gold continues to trade within a sideways range, confined between the support level at $2,480 and the resistance level at $2,515. As mentioned earlier, gold remains in this sideways movement as the market anticipates the speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium. Mr. Powell is expected to provide commentary on inflation data and the Federal Reserve’s outlook for addressing these developments.
If Mr. Powell’s remarks support a rate cut in the upcoming meeting, we could see gold rise to retest the $2,515 level. However, gold will only regain upward momentum and create new buying opportunities if it successfully breaks through the $2,515 level on the 15-minute timeframe. In this scenario, gold may target the $2,550 and $2,600 levels in the medium term.
On the other hand, breaking the $2,480 level could coincide with Mr. Powell’s comments, especially if he does not provide specific decisions or leaves the outlook dependent on upcoming data. In this case, we might witness a corrective decline in gold, which would only be confirmed by a complete break of the $2,480 level. This decline could target the $2,450 and $2,420 levels in the medium term.
Also, a reminder that at 5:00 PM Mecca time, Mr. Powell will deliver his speech, and the New Home Sales report will be released, both of which could directly influence gold’s movements.
That concludes this segment. Thank you for watching, and I wish you all the best. Stay safe.
Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s morning update on gold’s technical movements for the short term, specifically for, August 23, 2024.
Let’s take a look at the short-term movements of gold, specifically on the 15-minute timeframe. Gold continues to trade within a sideways range, confined between the support level at $2,480 and the resistance level at $2,515. As mentioned earlier, gold remains in this sideways movement as the market anticipates the speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole Symposium. Mr. Powell is expected to provide commentary on inflation data and the Federal Reserve’s outlook for addressing these developments.
If Mr. Powell’s remarks support a rate cut in the upcoming meeting, we could see gold rise to retest the $2,515 level. However, gold will only regain upward momentum and create new buying opportunities if it successfully breaks through the $2,515 level on the 15-minute timeframe. In this scenario, gold may target the $2,550 and $2,600 levels in the medium term.
On the other hand, breaking the $2,480 level could coincide with Mr. Powell’s comments, especially if he does not provide specific decisions or leaves the outlook dependent on upcoming data. In this case, we might witness a corrective decline in gold, which would only be confirmed by a complete break of the $2,480 level. This decline could target the $2,450 and $2,420 levels in the medium term.
Also, a reminder that at 5:00 PM Mecca time, Mr. Powell will deliver his speech, and the New Home Sales report will be released, both of which could directly influence gold’s movements.
That concludes this segment. Thank you for watching, and I wish you all the best. Stay safe.
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