Short-Term Technical Analysis for Gold-6/8/2024

Hello and welcome. This is Mohammed Qais, a financial markets expert, bringing you the morning update on the short-term technical movements of gold for Tuesday, August 6, 2024.

Currently, gold is attempting to end its downward corrective wave, holding above the key support level at $2,400. However, gold will not be able to fully recover and regain its positive momentum unless it successfully breaks through the $2,420 level on a 15-minute timeframe. If it does, we could witness a strong upward movement in the coming hours, targeting the $2,450 level and potentially reaching $2,490 in upcoming trading sessions.

It is important to note that this optimistic scenario for gold will remain valid as long as prices stay above the psychological barrier at $2,400.