Short-Term Technical Analysis For Gold-4/9/2024  

Morning Update on Gold’s Technical Movements - September 4, 2024

Good morning, this is Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold’s technical movements for the short term for Wednesday, September 4, 2024.

Short-Term Technical Analysis of Gold:

Dear readers, we observe that gold continues to trade within a narrow sideways channel on the short-term, ranging between the support level at $2,480 and the resistance level at $2,515. Currently, gold is maintaining its movement within these levels, staying above the support level and the 55-day moving average. This position enhances the likelihood of an upward movement within the sideways range, with the potential to retest the resistance level at $2,515.

As of now, we expect gold to continue fluctuating between ups and downs within the sideways channel until we witness a clear break or breach of either side of this channel, which will help define the future direction of gold’s movement.

Expectations and Influential Economic Data:

We would also like to remind you that today, we are awaiting significant economic data concerning the U.S. dollar. The Job Openings report is scheduled to be released at 5:00 PM Mecca time. This data could have a direct and substantial impact on gold movements. We will be with you, God willing, to provide updates and analyze the impact of the data as soon as it is released.

Key Levels for Today’s Trading:

We emphasize the importance of monitoring the levels of $2,480 and $2,515 as key trading levels for today’s session. A break or breach of either of these levels will allow us to clearly determine the next direction for gold.

MohammedQais

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