Short-Term Technical Analysis For Gold-27/8/2024
Morning Update on Gold Technical Movements - August 27, 2024
Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s morning update on gold’s technical movements for the short term, specifically for, Tuesday, August 27, 2024.
Gold Analysis:
We observe that gold, in the short term, particularly on the 15-minute chart, continues to trade within a sideways range, confined between the support level at $2,480 and the resistance level at $2,515. These levels form the boundaries of the current sideways channel.
As of now, gold prices remaining below the $2,515 resistance level suggest the continuation of a choppy sideways trading pattern between these two levels, with fluctuations up and down. We anticipate that this scenario will only change if there is a break or breach of either boundary of the mentioned sideways channel, which will then determine the future direction of gold’s movements.
Today, we are awaiting the release of critical data concerning the U.S. dollar, with the Gross Domestic Product (GDP) set to be announced at 5:00 PM Mecca time. This data is expected to impact gold’s movements significantly, so it is advisable to closely monitor the market.
Key Trading Levels for Today:
• Resistance at $2,515: If prices successfully break through this level, a short-term rally towards $2,550 is expected, with the potential to reach $2,600 on a medium-term basis.
• Support at $2,480: If prices remain below $2,515, this could lead to a corrective decline, retesting the $2,480 support level, which may contribute to continued sideways trading within the current channel.
In conclusion, that wraps up this update. Thank you for tuning in, and I wish you a successful day. Stay safe.
Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s morning update on gold’s technical movements for the short term, specifically for, Tuesday, August 27, 2024.
Gold Analysis:
We observe that gold, in the short term, particularly on the 15-minute chart, continues to trade within a sideways range, confined between the support level at $2,480 and the resistance level at $2,515. These levels form the boundaries of the current sideways channel.
As of now, gold prices remaining below the $2,515 resistance level suggest the continuation of a choppy sideways trading pattern between these two levels, with fluctuations up and down. We anticipate that this scenario will only change if there is a break or breach of either boundary of the mentioned sideways channel, which will then determine the future direction of gold’s movements.
Today, we are awaiting the release of critical data concerning the U.S. dollar, with the Gross Domestic Product (GDP) set to be announced at 5:00 PM Mecca time. This data is expected to impact gold’s movements significantly, so it is advisable to closely monitor the market.
Key Trading Levels for Today:
• Resistance at $2,515: If prices successfully break through this level, a short-term rally towards $2,550 is expected, with the potential to reach $2,600 on a medium-term basis.
• Support at $2,480: If prices remain below $2,515, this could lead to a corrective decline, retesting the $2,480 support level, which may contribute to continued sideways trading within the current channel.
In conclusion, that wraps up this update. Thank you for tuning in, and I wish you a successful day. Stay safe.
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