Short-Term Technical Analysis For Gold-20/8/2024
Good morning, everyone.
I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the daily morning update on gold’s technical movements for the short term on Tuesday, August 20, 2024.
Gold Analysis:
Currently, gold is trading within a sideways range on the 15-minute timeframe, oscillating around the 55-day moving average, which indicates the prevailing neutrality in the market. At this point, gold has not yet determined a clear direction for upcoming trades. The key to identifying its future path lies in breaking or breaching one of the boundaries of the current sideways channel, which are set at the support level of $2480 and the resistance level of $2515.
Should gold succeed in breaking through the $2515 resistance level, we could see a gradual upward movement, potentially leading to new record highs, targeting $2550 in the short term. On the medium-term horizon, the price could even reach $2600. Conversely, a break below the $2480 support level could trigger the anticipated corrective movements, driving prices down towards $2450 and $2420.
Therefore, the upcoming hours are critical for determining gold’s next move, with a close watch on the pivotal levels of $2515 and $2480.
That concludes this segment. Thank you for your attention, and I wish you all the best. Stay safe.
I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the daily morning update on gold’s technical movements for the short term on Tuesday, August 20, 2024.
Gold Analysis:
Currently, gold is trading within a sideways range on the 15-minute timeframe, oscillating around the 55-day moving average, which indicates the prevailing neutrality in the market. At this point, gold has not yet determined a clear direction for upcoming trades. The key to identifying its future path lies in breaking or breaching one of the boundaries of the current sideways channel, which are set at the support level of $2480 and the resistance level of $2515.
Should gold succeed in breaking through the $2515 resistance level, we could see a gradual upward movement, potentially leading to new record highs, targeting $2550 in the short term. On the medium-term horizon, the price could even reach $2600. Conversely, a break below the $2480 support level could trigger the anticipated corrective movements, driving prices down towards $2450 and $2420.
Therefore, the upcoming hours are critical for determining gold’s next move, with a close watch on the pivotal levels of $2515 and $2480.
That concludes this segment. Thank you for your attention, and I wish you all the best. Stay safe.
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