Short-Term Technical Analysis For Gold-30/8/2024
Morning Update on Gold Technical Movements - August 30, 2024
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Friday, August 30, 2024.
We observe that gold is attempting to regain control of the upward momentum over the short term, especially on the 15-minute time frame. If the prices manage to stay above the $2,515 level and break above the 55-day moving average with a confirmed breakout on the 15-minute frame, we could see a return of bullish momentum. In this case, gold might target levels around $2,530, and we may see a rise to $2,550 in the short term. Over the medium term, a gradual climb towards the $2,600 level per ounce is possible.
It is important to note that this bullish scenario for gold will remain valid as long as prices do not fail to break through the $2,515 level and maintain buying positions above this level.
Additionally, we would like to remind you that we are anticipating the release of very significant economic data at 3:30 PM Mecca time, specifically the Core Personal Consumption Expenditures (PCE) Price Index, which is one of the Federal Reserve’s preferred indicators for measuring inflation.
With that, we conclude this segment. Thank you for following along, and I wish you all the best. Take care.
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Friday, August 30, 2024.
We observe that gold is attempting to regain control of the upward momentum over the short term, especially on the 15-minute time frame. If the prices manage to stay above the $2,515 level and break above the 55-day moving average with a confirmed breakout on the 15-minute frame, we could see a return of bullish momentum. In this case, gold might target levels around $2,530, and we may see a rise to $2,550 in the short term. Over the medium term, a gradual climb towards the $2,600 level per ounce is possible.
It is important to note that this bullish scenario for gold will remain valid as long as prices do not fail to break through the $2,515 level and maintain buying positions above this level.
Additionally, we would like to remind you that we are anticipating the release of very significant economic data at 3:30 PM Mecca time, specifically the Core Personal Consumption Expenditures (PCE) Price Index, which is one of the Federal Reserve’s preferred indicators for measuring inflation.
With that, we conclude this segment. Thank you for following along, and I wish you all the best. Take care.
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