8.30 Gold Trend Operation Analysis
In the early Asian session on Thursday (August 29), spot gold suddenly rose rapidly in the short term, and the price of gold just broke through $2,515/ounce, rising more than $10 during the day.
Previously, spot gold closed down $19.95, or 0.79%, at $2,504.59/ounce on Wednesday.
On Friday, the core personal consumption expenditure (PCE) price index, the inflation indicator favored by the Federal Reserve, will be released.
Ricardo Evangelista, senior analyst at ActivTrades, pointed out that if Friday's PCE data is lower than expected, it may make people believe that the Federal Reserve will be more dovish, thus creating upside potential for gold.
Gold trend forecast
Although gold prices hit a daily low of $2,493/ounce below $2,500/ounce on Wednesday, the upward trend of gold prices has not changed. The relative strength index (RSI) shows that bullish momentum has faded, but buyers are approaching in the ongoing correction.
, if gold prices remain above $2,500/oz, the next resistance level will be the all-time high of $2,531/oz.
If gold strengthens further, it may test $2,550/oz before challenging $2,600/oz.
On the other hand, if gold prices fall below $2,500/oz, the first support level will be the July 17 peak of $2,483/oz. If the latter is lost, the psychological level of $2,450/oz will become the next support level, followed by the 50-day simple moving average (SMA) of $2,414/oz
Previously, spot gold closed down $19.95, or 0.79%, at $2,504.59/ounce on Wednesday.
On Friday, the core personal consumption expenditure (PCE) price index, the inflation indicator favored by the Federal Reserve, will be released.
Ricardo Evangelista, senior analyst at ActivTrades, pointed out that if Friday's PCE data is lower than expected, it may make people believe that the Federal Reserve will be more dovish, thus creating upside potential for gold.
Gold trend forecast
Although gold prices hit a daily low of $2,493/ounce below $2,500/ounce on Wednesday, the upward trend of gold prices has not changed. The relative strength index (RSI) shows that bullish momentum has faded, but buyers are approaching in the ongoing correction.
, if gold prices remain above $2,500/oz, the next resistance level will be the all-time high of $2,531/oz.
If gold strengthens further, it may test $2,550/oz before challenging $2,600/oz.
On the other hand, if gold prices fall below $2,500/oz, the first support level will be the July 17 peak of $2,483/oz. If the latter is lost, the psychological level of $2,450/oz will become the next support level, followed by the 50-day simple moving average (SMA) of $2,414/oz
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