Short-Term Technical Analysis For Gold-29/8/2024
Morning Update on Gold Technical Movements - August 29, 2024
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Thursday, August 29, 2024.
Technical Analysis of Gold:
We observe that gold is attempting to resume its positive trend and regain upward momentum on the 15-minute timeframe. If prices can confirm a breakout above the resistance level at $2,515 per ounce, we may see a wave of gains targeting levels of $2,530 and $2,550 in the short term. On the medium term, prices could reach levels up to $2,600 as sequential targets.
Technical Conditions:
This optimistic scenario will not be invalidated unless prices fail to exceed the $2,515 level and return below it. It’s essential to monitor the closures around this level to determine the upcoming path.
Economic Events:
We also note that we are awaiting significant economic data on the US dollar today, set to be released at 5:30 PM Mecca time. This data is expected to have a substantial impact on gold movements. The anticipated data includes:
• Gross Domestic Product (GDP)
• Unemployment Claims
These data points are key indicators for measuring inflation in the US economy and therefore have a direct impact on gold movements.
Analysis Summary:
The key level for trading in the current session is $2,515. Monitoring the closures around this level is crucial for determining the future direction of gold. That concludes this segment. Thank you for your attention, and I wish you all the best. Goodbye.
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Thursday, August 29, 2024.
Technical Analysis of Gold:
We observe that gold is attempting to resume its positive trend and regain upward momentum on the 15-minute timeframe. If prices can confirm a breakout above the resistance level at $2,515 per ounce, we may see a wave of gains targeting levels of $2,530 and $2,550 in the short term. On the medium term, prices could reach levels up to $2,600 as sequential targets.
Technical Conditions:
This optimistic scenario will not be invalidated unless prices fail to exceed the $2,515 level and return below it. It’s essential to monitor the closures around this level to determine the upcoming path.
Economic Events:
We also note that we are awaiting significant economic data on the US dollar today, set to be released at 5:30 PM Mecca time. This data is expected to have a substantial impact on gold movements. The anticipated data includes:
• Gross Domestic Product (GDP)
• Unemployment Claims
These data points are key indicators for measuring inflation in the US economy and therefore have a direct impact on gold movements.
Analysis Summary:
The key level for trading in the current session is $2,515. Monitoring the closures around this level is crucial for determining the future direction of gold. That concludes this segment. Thank you for your attention, and I wish you all the best. Goodbye.
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