Short-Term Technical Analysis For Gold-11/9/2024

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Morning Update on Short-Term Gold Movements - September 11, 2024

Good day,
This is Mohammed Qais Abdulghani, financial markets expert, with the morning update on short-term gold movements for Wednesday, September 11, 2024.

Gold Movement Analysis (Short-Term):

As the release of the key inflation indicators for the U.S. economy—the Consumer Price Index (CPI) and Core CPI—approaches at 3:30 PM Mecca time, we observe that gold prices are attempting to reach new record highs.

From a technical perspective, the stability of prices above the $2,515 per ounce level strengthens the likelihood of continued upward movement towards $2,530 and $2,550 in the short term. Over the medium term, the rally could extend to $2,600.

Caution:

It is important to highlight that the release of these crucial U.S. data points may cause significant price fluctuations. We expect to see wider price spreads and high volatility, along with the potential for unexpected market moves. Therefore, we are closely monitoring the $2,515 level, which is the key threshold for today’s trading session. If prices remain above this level, the positive scenario will persist, potentially allowing gold to regain its momentum and reach new record highs.

However, if the $2,515 level is breached and prices fall below it, this could lead to a decline towards the $2,480 level.

Impact of CPI Data:

• If the CPI and Core CPI are released higher than expected (positive results): We may see a sharp decline in gold prices as selling pressure returns.
• If the report comes in below expectations (negative results): This could give gold a much-needed boost, paving the way for new record highs as per the anticipated scenario.

In Conclusion:

We have come to the end of this update. Thank you for your attention, and please accept my best regards. Stay safe.

Mohammed Qais Abdulghani
Financial Markets Expert