Short-Term Technical Analysis For Gold-21/8/2024


Morning Update on Gold Technical Movements - August 21, 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 Wednesday, August 21, 2024.

Gold Analysis:

On the short-term timeframe, specifically the 15-minute chart, we can see that gold is attempting to break through the $2,515 level, which coincides with the 55-day moving average, adding significant importance to this resistance. If the prices manage to achieve a confirmed breakout above this level, we could witness a rise targeting the $2,550 level in the short term, and potentially reaching $2,600 in the medium term.

However, if the prices fail to break through the $2,515 level, we may see the prices revert to a sideways movement, with a corrective decline targeting the $2,480 level.

Additionally, it’s important to note that there are critical U.S. dollar-related data releases scheduled for 5:30 PM Mecca time, including the U.S. crude oil inventory report. Furthermore, the markets are eagerly awaiting a very significant event at 9:00 PM Mecca time: the release of the Federal Open Market Committee (FOMC) meeting minutes, which might provide insights into the recent inflation data.

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