Short-Term Technical Analysis For Gold-3/9/2024
Morning Update on Gold Technical Movements - September 3, 2024
Good morning, everyone. I’m Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s technical update on gold’s short-term movements for Tuesday, September 3, 2024.
Gold Technical Analysis:
Gold continues to trade within a sideways channel, bounded by the support level at $2,480 and the resistance level at $2,515. As long as prices remain within this channel, gold is expected to fluctuate between these support and resistance levels.
Gold will not establish a clear direction unless it breaks or breaches one side of the sideways channel:
1. Breaking the support level at $2,480: If this support is broken with full confirmation on the 15-minute timeframe, it could lead to a series of losses, potentially driving prices down to $2,450 and $2,420 in the medium term.
2. Breaching the resistance level at $2,515: If gold breaches this resistance level, we could see a series of gains targeting levels of $2,550 and $2,600 in the medium term as sequential targets.
Upcoming Economic Data:
We are cautiously awaiting critical economic data due to be released in the coming hours for the US dollar, which includes:
• 4:45 PM Mecca time: Release of the Manufacturing PMI.
• 5:00 PM Mecca time: Release of the ISM Manufacturing PMI.
These data releases will have a direct impact on the US dollar’s movements, which will, in turn, reflect on gold’s price movements as soon as they are released.
Analysis Summary:
Traders are focusing on the key levels for today’s session in the short term: the support level at $2,480 and the resistance level at $2,515. The next direction for gold will depend on breaking or breaching one of these levels.
With that, we conclude this segment. Thank you for tuning in. Best regards, and stay safe.
Good morning, everyone. I’m Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s technical update on gold’s short-term movements for Tuesday, September 3, 2024.
Gold Technical Analysis:
Gold continues to trade within a sideways channel, bounded by the support level at $2,480 and the resistance level at $2,515. As long as prices remain within this channel, gold is expected to fluctuate between these support and resistance levels.
Gold will not establish a clear direction unless it breaks or breaches one side of the sideways channel:
1. Breaking the support level at $2,480: If this support is broken with full confirmation on the 15-minute timeframe, it could lead to a series of losses, potentially driving prices down to $2,450 and $2,420 in the medium term.
2. Breaching the resistance level at $2,515: If gold breaches this resistance level, we could see a series of gains targeting levels of $2,550 and $2,600 in the medium term as sequential targets.
Upcoming Economic Data:
We are cautiously awaiting critical economic data due to be released in the coming hours for the US dollar, which includes:
• 4:45 PM Mecca time: Release of the Manufacturing PMI.
• 5:00 PM Mecca time: Release of the ISM Manufacturing PMI.
These data releases will have a direct impact on the US dollar’s movements, which will, in turn, reflect on gold’s price movements as soon as they are released.
Analysis Summary:
Traders are focusing on the key levels for today’s session in the short term: the support level at $2,480 and the resistance level at $2,515. The next direction for gold will depend on breaking or breaching one of these levels.
With that, we conclude this segment. Thank you for tuning in. Best regards, and stay safe.
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