Short-Term Technical Analysis for Gold-7/8/2024
Greetings, I am Mohammed Qais Abdulghani, a financial markets expert, bringing you the morning update on gold’s short-term technical movements for Wednesday, August 7, 2024. As we observe, gold is currently trading under pressure on the 15-minute timeframe, remaining below the descending trend line and the critical pivot level of $2,400 per ounce.
As of now, gold is unable to shake off the selling pressure or regain upward momentum to create buying opportunities unless prices successfully break through the $2,400 level. Should this occur, we might see a positive scenario returning, targeting $2,420 and $2,440. However, this optimistic outlook for gold will be invalidated if the price falls and sustains below $2,375.
This concludes today’s segment. Thank you for following along, and I wish you all the best. Goodbye.
As of now, gold is unable to shake off the selling pressure or regain upward momentum to create buying opportunities unless prices successfully break through the $2,400 level. Should this occur, we might see a positive scenario returning, targeting $2,420 and $2,440. However, this optimistic outlook for gold will be invalidated if the price falls and sustains below $2,375.
This concludes today’s segment. Thank you for following along, and I wish you all the best. Goodbye.
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