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27 August 2024,02:12
Trade Of The Day
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27 August 2024, 02:12
*Double Top? Gold’s long-term uptrend remains intact, though a technical correction and investor bargain hunting could be on the horizon ahead of key U.S. economic data and events. In the near term, technical charts reveal a potential double top formation in the gold market, hinting at the possibility of a short-term pullback.
* Technical Correction: Gold prices have dipped after retracing from a resistance level. Short-term forecasts suggest a potential further retracement. The MACD is showing growing bearish momentum, while the RSI at 42 indicates a leaning towards a bearish outlook.
* Resistance and Support: If the downward momentum persists, gold could potentially drop towards the support level of 2505.00. Conversely, a failure to decline further might trigger a rebound, with the resistance level of 2525.00 coming into focus.
Investors will closely monitor upcoming U.S. economic data this week, including the CB Consumer Confidence report, GDP numbers, and the Core PCE Price Index. Additionally, geopolitical developments in the Middle East, where ongoing tensions may continue to boost demand for safe-haven assets, will be key to watch.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Middle East developments, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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