Short-Term Technical Analysis For Gold-6/9/2024
Morning Update for Gold Technical Movements - September 6, 2024
Peace and blessings be upon you. This is Mohammed Qais Abdulghani, financial market expert, bringing you the morning update on gold’s technical movements for Friday, September 6, 2024.
Gold Technical Analysis on the Short Term:
Dear followers, we observe that gold is attempting to maintain a positive outlook on the 15-minute chart. So far, from a technical perspective, the price holding above the $2515 level and maintaining support above the 55-day moving average represent positive indicators that enhance the likelihood of a rise towards $2550 in the short term. In the medium term, we may see a gradual ascent targeting the $2600 level per ounce.
Expectations and Economic Data Impact:
However, dear followers, caution is warranted as we anticipate the release of very important economic data today at 3:30 PM Mecca time, including the average hourly earnings report and the unemployment rate report. Most importantly, the non-farm payroll report, which is among the most influential reports on the markets, is expected to bring high volatility to gold prices.
If the report is released negatively, it could support the bullish momentum and strengthen the chances of gold reaching new historical highs. Conversely, if the data comes out positively against expectations, it could push gold into a deeper corrective wave targeting the $2480 level if it breaks the $2515 support level.
Key Trading Levels:
We highlight that $2515 is the key level to watch for today’s session. Monitoring this level is essential to determine gold’s next direction, with the focus on the 15-minute chart.
Conclusion:
With that, we conclude this morning’s update. Thank you for following, and may peace be upon you.
Peace and blessings be upon you. This is Mohammed Qais Abdulghani, financial market expert, bringing you the morning update on gold’s technical movements for Friday, September 6, 2024.
Gold Technical Analysis on the Short Term:
Dear followers, we observe that gold is attempting to maintain a positive outlook on the 15-minute chart. So far, from a technical perspective, the price holding above the $2515 level and maintaining support above the 55-day moving average represent positive indicators that enhance the likelihood of a rise towards $2550 in the short term. In the medium term, we may see a gradual ascent targeting the $2600 level per ounce.
Expectations and Economic Data Impact:
However, dear followers, caution is warranted as we anticipate the release of very important economic data today at 3:30 PM Mecca time, including the average hourly earnings report and the unemployment rate report. Most importantly, the non-farm payroll report, which is among the most influential reports on the markets, is expected to bring high volatility to gold prices.
If the report is released negatively, it could support the bullish momentum and strengthen the chances of gold reaching new historical highs. Conversely, if the data comes out positively against expectations, it could push gold into a deeper corrective wave targeting the $2480 level if it breaks the $2515 support level.
Key Trading Levels:
We highlight that $2515 is the key level to watch for today’s session. Monitoring this level is essential to determine gold’s next direction, with the focus on the 15-minute chart.
Conclusion:
With that, we conclude this morning’s update. Thank you for following, and may peace be upon you.
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