Short-Term Technical Analysis For Gold-19/8/2024
Morning Update on Gold Technical Movements - August 19, 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 Monday, August 19, 2024.
Gold Analysis:
After reaching record highs at the close of the previous session, supported by positive U.S. economic data that bolstered its ascent, gold is currently facing significant resistance at the $2,515 per ounce level. If gold fails to break through this level, we may observe attempts to initiate a short-term corrective bearish phase.
These corrective movements will only materialize if prices successfully break below the $2,480 level, with a confirmed and complete breach. Should this occur, gold may target the $2,450 and $2,420 levels.
On the other hand, if gold manages to break through the $2,515 level with a confirmed and complete breach, it is likely that the bullish momentum will resume, potentially leading to new record highs.
In conclusion, I thank you for your continued attention. Best regards, and may you remain
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 Monday, August 19, 2024.
Gold Analysis:
After reaching record highs at the close of the previous session, supported by positive U.S. economic data that bolstered its ascent, gold is currently facing significant resistance at the $2,515 per ounce level. If gold fails to break through this level, we may observe attempts to initiate a short-term corrective bearish phase.
These corrective movements will only materialize if prices successfully break below the $2,480 level, with a confirmed and complete breach. Should this occur, gold may target the $2,450 and $2,420 levels.
On the other hand, if gold manages to break through the $2,515 level with a confirmed and complete breach, it is likely that the bullish momentum will resume, potentially leading to new record highs.
In conclusion, I thank you for your continued attention. Best regards, and may you remain
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