Short-Term Technical Analysis For Gold-29/8/2024

29. Aug. 2024

Morning Update on Gold Technical Movements - August 29, 2024

Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Thursday, August 29, 2024.

Technical Analysis of Gold:

We observe that gold is attempting to resume its positive trend and regain upward momentum on the 15-minute timeframe. If prices can confirm a breakout above the resistance level at $2,515 per ounce, we may see a wave of gains targeting levels of $2,530 and $2,550 in the short term. On the medium term, prices could reach levels up to $2,600 as sequential targets.

Technical Conditions:

This optimistic scenario will not be invalidated unless prices fail to exceed the $2,515 level and return below it. It’s essential to monitor the closures around this level to determine the upcoming path.

Economic Events:

We also note that we are awaiting significant economic data on the US dollar today, set to be released at 5:30 PM Mecca time. This data is expected to have a substantial impact on gold movements. The anticipated data includes:

• Gross Domestic Product (GDP)
• Unemployment Claims

These data points are key indicators for measuring inflation in the US economy and therefore have a direct impact on gold movements.

Analysis Summary:

The key level for trading in the current session is $2,515. Monitoring the closures around this level is crucial for determining the future direction of gold. That concludes this segment. Thank you for your attention, and I wish you all the best. Goodbye.