Short-Term Technical Analysis For Gold-2/9/2024
Morning Update on Gold Technical Movements - September 2, 2024
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Monday, September 2, 2024.
We observe that gold, in the short term and specifically on the 15-minute chart, is still trading within a sideways channel, confined between the support level at $2,480 and the resistance level at $2,515. We expect gold to continue these sideways movements between these levels, moving up and down, until a breakout or breakdown occurs through either boundary of the sideways channel, as shown on the chart in front of you.
If gold prices manage to break through the $2,515 level, we might see a sequential rise targeting the $2,550 levels, and in the medium term, we could see a climb toward the $2,600 per ounce level. However, if the support at the $2,480 level is breached, gold could enter a deeper bearish wave targeting levels of $2,450 and $2,420 as sequential targets in the medium term.
Therefore, we are currently focusing on the key trading levels of $2,480 and $2,515 to determine gold’s short-term path. God willing, we will be with you to provide continuous updates on gold’s movements and trajectory.
That concludes this segment. Thank you for tuning in, and I wish you all the best. Stay safe.
Greetings, I am Mohammed Qais Abdulghani, a Financial Markets Expert, with the short-term technical update on gold movements for Monday, September 2, 2024.
We observe that gold, in the short term and specifically on the 15-minute chart, is still trading within a sideways channel, confined between the support level at $2,480 and the resistance level at $2,515. We expect gold to continue these sideways movements between these levels, moving up and down, until a breakout or breakdown occurs through either boundary of the sideways channel, as shown on the chart in front of you.
If gold prices manage to break through the $2,515 level, we might see a sequential rise targeting the $2,550 levels, and in the medium term, we could see a climb toward the $2,600 per ounce level. However, if the support at the $2,480 level is breached, gold could enter a deeper bearish wave targeting levels of $2,450 and $2,420 as sequential targets in the medium term.
Therefore, we are currently focusing on the key trading levels of $2,480 and $2,515 to determine gold’s short-term path. God willing, we will be with you to provide continuous updates on gold’s movements and trajectory.
That concludes this segment. Thank you for tuning in, and I wish you all the best. Stay safe.
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