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.