Short-Term Technical Analysis For Gold-14/8/2024
Short-Term Technical Analysis For Gold-14/8/2024
Hello and welcome. I am Mohammed Qais Abdulghani, a financial markets expert, presenting the morning update on short-term gold movements for Wednesday, August 14, 2024.
Analysis:
In our short-term analysis using the 15-minute chart, we observe that gold has been trading within a sideways range since the previous session. The price is currently confined between the support level of $2,445 and the resistance level of $2,470, as highlighted on the accompanying chart.
To determine a clear directional movement for gold in the upcoming trading sessions, we need to see a confirmed break either above the resistance at $2,470 or below the support at $2,445. Until such a break occurs, it is expected that gold will continue to fluctuate within this sideways range.
It’s important to note that gold is awaiting significant economic data, which could trigger substantial volatility in prices. The key event to watch is the release of the U.S. Consumer Price Index (CPI) at 3:00 PM Mecca time. The CPI is a crucial indicator of inflation in the U.S. economy and holds significant importance for market participants.
Recommendation:
Traders should exercise caution and closely monitor the key levels mentioned above. Applying price action strategies upon a confirmed break or breakout of these levels will help in identifying the upcoming trend.
Conclusion:
Thank you for tuning in to this segment. Stay vigilant for potential market moves, and until next time, take care and goodbye.
Hello and welcome. I am Mohammed Qais Abdulghani, a financial markets expert, presenting the morning update on short-term gold movements for Wednesday, August 14, 2024.
Analysis:
In our short-term analysis using the 15-minute chart, we observe that gold has been trading within a sideways range since the previous session. The price is currently confined between the support level of $2,445 and the resistance level of $2,470, as highlighted on the accompanying chart.
To determine a clear directional movement for gold in the upcoming trading sessions, we need to see a confirmed break either above the resistance at $2,470 or below the support at $2,445. Until such a break occurs, it is expected that gold will continue to fluctuate within this sideways range.
It’s important to note that gold is awaiting significant economic data, which could trigger substantial volatility in prices. The key event to watch is the release of the U.S. Consumer Price Index (CPI) at 3:00 PM Mecca time. The CPI is a crucial indicator of inflation in the U.S. economy and holds significant importance for market participants.
Recommendation:
Traders should exercise caution and closely monitor the key levels mentioned above. Applying price action strategies upon a confirmed break or breakout of these levels will help in identifying the upcoming trend.
Conclusion:
Thank you for tuning in to this segment. Stay vigilant for potential market moves, and until next time, take care and goodbye.
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