Short-Term Technical Analysis For Gold-28/8/2024
Morning Update on Gold Technical Movements - August 28, 2024
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Wednesday, August 28, 2024.
Gold Technical Analysis:
Time Frame: 15 minutes
We observe that gold is still attempting to regain control over its bullish momentum. This recovery will only be possible if prices manage to return above the $2,515 per ounce level and stabilize there. Should the prices hold above this level and also above the 55-day moving average, we could see a renewed bullish momentum for gold, targeting $2,550 in the short term, with the potential to reach $2,600 in the medium term.
However, if prices fail to reclaim the $2,515 level and continue trading below it, we might witness a clear breakdown leading to a series of losses and a downward wave aiming for $2,480, possibly extending down to $2,450 over the medium term.
Key Level for Trading:
For today’s session, the $2,515 level is a critical and pivotal point that should be closely monitored.
Outlook:
Today at 5:30 PM Mecca time, we anticipate the release of the U.S. Crude Oil Inventory Report, which could have an indirect impact on gold movements.
That concludes this update. Thank you for following along, and I wish you a successful day. Stay safe.
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Wednesday, August 28, 2024.
Gold Technical Analysis:
Time Frame: 15 minutes
We observe that gold is still attempting to regain control over its bullish momentum. This recovery will only be possible if prices manage to return above the $2,515 per ounce level and stabilize there. Should the prices hold above this level and also above the 55-day moving average, we could see a renewed bullish momentum for gold, targeting $2,550 in the short term, with the potential to reach $2,600 in the medium term.
However, if prices fail to reclaim the $2,515 level and continue trading below it, we might witness a clear breakdown leading to a series of losses and a downward wave aiming for $2,480, possibly extending down to $2,450 over the medium term.
Key Level for Trading:
For today’s session, the $2,515 level is a critical and pivotal point that should be closely monitored.
Outlook:
Today at 5:30 PM Mecca time, we anticipate the release of the U.S. Crude Oil Inventory Report, which could have an indirect impact on gold movements.
That concludes this update. Thank you for following along, and I wish you a successful day. Stay safe.
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