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

٩ سبتمبر

Morning Update on Gold Price Movements - September 9, 2024

Greetings, this is Mohammed Qais Abdulghani, financial markets expert, presenting the morning update on gold price movements for Monday, September 9, 2024.

Technical Analysis of Gold:

We observe that gold has returned to trading within a sideways range, as illustrated on the chart before you. This range is confined between the support level at $2,480 per ounce and the resistance level at $2,515. As of now, gold continues to fluctuate between these two levels, and we anticipate this behavior to persist until either the support or resistance is broken.

Should the support level be broken or the resistance level breached, gold will determine its next direction, either upwards or downwards, based on price action behavior and the confirmation of a breakout or breakdown on the 15-minute chart.

Key Levels for Today’s Trading:

• Support Level: $2,480
• Resistance Level: $2,515

We remind you to monitor price movements closely and use the 15-minute chart to identify the next trend, applying the principles of price action.

That concludes today’s update. Thank you for your attention, and I wish you all the best
Stay safe, and goodbye.