Short-Term Technical Analysis For Gold-15/8/2024

Short-Term Technical Analysis For Gold-15/8/2024


Hello and welcome, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold's short-term movements for Wednesday, August 15, 2024.

Analysis:

We observe that gold continues to trade within a sideways channel on the 15-minute chart, fluctuating between levels of $2,445 and $2,470. It's important to note that a break or breach of either side of this channel will determine the next direction for gold in the coming hours.

Currently, gold is approaching a very strong support area that coincides with the moving average at the $2,445 level. A complete break of this support, in line with price action rules, could lead gold into a bearish wave targeting levels of $2,420 and $2,400 in upcoming trading sessions.

Recommendation:

We also want to draw your attention to the highly significant economic data expected to be released on the U.S. dollar in the coming hours, which is likely to directly impact gold's trading and movements. These include the Core Retail Sales report, Unemployment Claims, and the Philadelphia Manufacturing Index. This data will be released at 3:30 PM Mecca time.

In conclusion, I thank you for your attention and wish you a successful trading day. Stay safe and goodbye.