Short-Term Technical Analysis For Gold-16/8/2024
Short-Term Technical Analysis For Gold-16/8/2024
Greetings,
I’m Mohammed Qais Abdulghani, a financial markets expert. In today’s morning update, we will review the short-term technical movements of gold as of Friday, August 16, 2024.
Technical Analysis:
We observe that gold continues to trade within a narrow, sideways range on the 15-minute chart. This range is confined between the support level of $2,445 and the resistance level of $2,470 per ounce.
For now, we expect this sideways movement to persist within this channel, with prices fluctuating up and down. A clear direction for gold will only become apparent if there is a decisive break or breakout of either side of this range.
Summary:
We are closely monitoring the support and resistance levels of this range. If the support at $2,445 is breached or the resistance at $2,470 is broken, with all conditions met, the next directional move for gold will become clear.
In conclusion, thank you for following this update. Wishing you all the best, and stay safe.
Greetings,
I’m Mohammed Qais Abdulghani, a financial markets expert. In today’s morning update, we will review the short-term technical movements of gold as of Friday, August 16, 2024.
Technical Analysis:
We observe that gold continues to trade within a narrow, sideways range on the 15-minute chart. This range is confined between the support level of $2,445 and the resistance level of $2,470 per ounce.
For now, we expect this sideways movement to persist within this channel, with prices fluctuating up and down. A clear direction for gold will only become apparent if there is a decisive break or breakout of either side of this range.
Summary:
We are closely monitoring the support and resistance levels of this range. If the support at $2,445 is breached or the resistance at $2,470 is broken, with all conditions met, the next directional move for gold will become clear.
In conclusion, thank you for following this update. Wishing you all the best, and stay safe.
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