Short-Term Technical Analysis For Gold-22/8/2024
Morning Update on Gold Technical Movements - August 22, 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, August 22, 2024.
Gold Analysis:
On the short-term outlook, particularly on the 15 minute chart, gold continues to trade within a range-bound channel, confined between the levels of $2,515 and $2,480.
As we approach the release of important U.S. economic data today, which includes the commencement of the Jackson Hole Conference, along with the unemployment claims report at 3:30 PM Mecca time, the Manufacturing and Services PMI at 4:45 PM, and the Existing Home Sales report at 5:00 PM, we observe that gold is retreating, centering around the 55-day moving average.
We reiterate that gold will not be able to achieve new record highs or create fresh buying opportunities unless it successfully breaks above the $2,515 level. Should the U.S. data be released with a negative outlook, it could bolster gold’s rise towards $2,550 in the short term, and potentially $2,600 in the medium term. However, if it fails to surpass the $2,515 level, we may see prices entering a corrective downtrend, retesting the $2,480 level, especially if the U.S. data is positive.
That concludes this update. Thank you for your continued attention, 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, August 22, 2024.
Gold Analysis:
On the short-term outlook, particularly on the 15 minute chart, gold continues to trade within a range-bound channel, confined between the levels of $2,515 and $2,480.
As we approach the release of important U.S. economic data today, which includes the commencement of the Jackson Hole Conference, along with the unemployment claims report at 3:30 PM Mecca time, the Manufacturing and Services PMI at 4:45 PM, and the Existing Home Sales report at 5:00 PM, we observe that gold is retreating, centering around the 55-day moving average.
We reiterate that gold will not be able to achieve new record highs or create fresh buying opportunities unless it successfully breaks above the $2,515 level. Should the U.S. data be released with a negative outlook, it could bolster gold’s rise towards $2,550 in the short term, and potentially $2,600 in the medium term. However, if it fails to surpass the $2,515 level, we may see prices entering a corrective downtrend, retesting the $2,480 level, especially if the U.S. data is positive.
That concludes this update. Thank you for your continued attention, and I wish you a successful day. Stay safe.
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