Short-Term Technical Analysis For Gold-10/9/2024

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Morning Update on Gold Technical Movements - September 10, 2024

Greetings, this is Mohammed Qais Abdulghani, Financial Markets Expert, with your morning update on gold’s short-term technical movements for Tuesday, September 10, 2024.

Gold Technical Analysis:

Dear viewers, as of now, we observe that gold continues to trade within a sideways range, as highlighted on the chart, confined between the resistance level at $2,515 and the support level at $2,480.

In the short term, we expect the prices to remain in a state of fluctuation, moving up and down between these two levels until one of the boundaries of this sideways channel is decisively broken. If a valid breakout or breakdown occurs, it will determine gold’s direction for the upcoming trading sessions.

• In the case of a break above $2,515, we may witness a gradual rise towards $2,550, with potential to reach $2,600 in the medium term.
• Conversely, a break below $2,480 could lead to a drop towards $2,450 and $2,420.

Please note, dear viewers, that gold is awaiting the release of crucial economic data in the upcoming session, which could have a significant impact on the markets and potentially cause major volatility.

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

Mohammed Qais Abdulghani
Financial Markets Expert