Short-Term Technical Analysis For Gold-12/8/2024

Good morning everyone,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 12, 2024.

Overview:

On the 15-minute timeframe, gold is attempting to regain control of its upward momentum. If the price successfully breaks through the $2,435 level with a confirmed breakout on the 15-minute chart, it will signal the beginning of gold's journey to regain its shine, targeting the levels of $2,450 and $2,470.

However, this optimistic and positive scenario for gold will be invalidated if the prices drop back below the $2,415 level.

Thank you for following this update. I wish you all the best and stay safe.

Best regards,Mohammed Qais Abdulghani