Short-Term Technical Analysis For Gold-26/8/2024

26 thg 8, 2024

Morning Update on Gold Technical Movements - August 26, 2024

Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you today’s morning update on gold’s technical movements for the short term, specifically for, August 26, 2024.

Gold Analysis:

We observe that gold, on the short term, specifically on the 15-minute timeframe, continues to trade within the sideways channel shown on the chart. This channel is confined between the resistance level at $2,515 and the support level at $2,480.

So far, gold has failed to break through the resistance level of $2,515 on the 15-minute chart, which could result in the price continuing to trade within the sideways channel, with a potential decline to retest the support level at $2,480. We anticipate that the price will continue to move sideways, fluctuating up and down between the support and resistance levels, until either boundary of the sideways channel is broken or breached.

Based on the above, the future direction of gold in the upcoming trading sessions will depend on a breakout or breakdown of one of the key trading levels: the resistance at $2,515 or the support at $2,480.

That concludes this segment. Thank you for following along, and I wish you all the best. Stay safe.