Short-Term Technical Analysis for Gold-8/8/2024

Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on the short-term technical movements of gold for Thursday, August 8, 2024.

Currently, we observe that gold is still attempting to regain positive upward momentum in the short term. It is trying to position itself above the 55-day moving average on the 15-minute chart. However, if the prices succeed in breaking through the crucial pivot level of $2,400, we could see a continued rise in gold, targeting levels of $2,420 and $2,440. This optimistic scenario for gold will only be invalidated if the $2,400 level fails to be breached.

Additionally, we remind you that we are anticipating very important data regarding the US dollar, which could directly impact gold trading. This data is set to be released at 3:30 PM Mecca time and concerns the unemployment claims report.

With that, we conclude this segment. Thank you for your kind attention, and I wish you all the best. Stay safe and goodbye.