Short-Term Technical Analysis For Gold-13/8/2024
Short-Term Technical Analysis For Gold-13/8/2024
Good morning everyone,Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold’s short-term technical movements for Wednesday, August 13, 2024.
Overview:
Currently, we observe that gold, on the 15-minute chart, is trading within a confined scenario between the levels of $2,445 and $2,470. There have been attempts by gold prices to decline and enter into short-term corrections, dipping below the 55-day moving average. However, overall, gold remains on standby, awaiting crucial U.S. economic data at 3:30 PM Mecca Time. The key focus will be on the Producer Price Index (PPI) report.
Given the potential market volatility upon the release of this data, we have identified key trading levels for the current session: $2,470 and $2,445. Should prices successfully break through the $2,470 level, we might witness a wave of optimism driving prices towards $2,490 and $2,510. This scenario could be further strengthened if the data released is negative, encouraging an upward movement in gold prices.
Conversely, if the data proves positive, we may see selling pressure return, coinciding with a break below the $2,445 level, potentially pushing gold down to $2,420 and even $2,400 in the upcoming sessions. It is advisable to apply the price action principle when interpreting breakouts and breakdowns at these key levels.
Conclusion:
With that, we conclude this segment. Thank you for your attention. Best regards, and take care.
Good morning everyone,Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold’s short-term technical movements for Wednesday, August 13, 2024.
Overview:
Currently, we observe that gold, on the 15-minute chart, is trading within a confined scenario between the levels of $2,445 and $2,470. There have been attempts by gold prices to decline and enter into short-term corrections, dipping below the 55-day moving average. However, overall, gold remains on standby, awaiting crucial U.S. economic data at 3:30 PM Mecca Time. The key focus will be on the Producer Price Index (PPI) report.
Given the potential market volatility upon the release of this data, we have identified key trading levels for the current session: $2,470 and $2,445. Should prices successfully break through the $2,470 level, we might witness a wave of optimism driving prices towards $2,490 and $2,510. This scenario could be further strengthened if the data released is negative, encouraging an upward movement in gold prices.
Conversely, if the data proves positive, we may see selling pressure return, coinciding with a break below the $2,445 level, potentially pushing gold down to $2,420 and even $2,400 in the upcoming sessions. It is advisable to apply the price action principle when interpreting breakouts and breakdowns at these key levels.
Conclusion:
With that, we conclude this segment. Thank you for your attention. Best regards, and take care.
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