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Today, Ultima Markets brings you an in-depth analysis of gold as of August 20, 2024.
Fundamental Analysis
Central Banks Support Gold Prices: In the first half of this year, central banks’ net gold purchases reached 483.3 tons, equivalent to nearly 40,000 gold bars. This is one of the factors supporting the strong rise in gold prices year-to-date. Even as the market reduced its bets on the timing of rate cuts, gold’s gains were not erased.
Gold Prices Yet to Fully Rise: Expectations of the Federal Reserve easing monetary policy continue to boost gold prices. When the Fed officially begins to cut interest rates, gold prices may see a significant increase from current levels. As a non-interest-bearing asset, gold’s appeal relatively increases as interest rates decline.
Technical Analysis
Daily Chart Analysis
(Daily Gold Chart, Source: Ultima Markets MT4)
(Daily Gold Chart, Source: Ultima Markets MT4)
Stochastic Oscillator: The indicator did not form a bearish signal last week, and yesterday, the fast line entered the overbought zone, indicating a strong bullish trend for gold. Investors should pay attention to if there are opportunities to buy during the retracement.
MA: After gold prices retraced to the short-term moving averages (red 33-day MA and black 65-day MA), they broke through the previous high yesterday. The typical retracement and breakout structure is a key signal for further upward movement.
Price Action: Yesterday, gold prices formed a pin bar, completing the retracement in one day. There is a strong possibility of further rise today, with an upper target near the Fibonacci extension level of 2545.
Hourly Chart Analysis
(Hourly Gold Chart, Source: Ultima Markets MT4)
(Hourly Gold Chart, Source: Ultima Markets MT4)
Stochastic Oscillator: The indicator is oscillating and entangling below the overbought zone, suggesting a possible bearish signal, indicating that bulls may be losing strength in the short term. During the Asian session, there is a likelihood of a downward trend, and even if the price continues to rise, there is a need to be cautious of a divergence pattern.
Resistance Level: After completing the retracement, gold prices are currently facing resistance near the short-term support-turned-resistance level of 2506. Therefore, during the Asian session, there is a possibility of a pullback in gold prices. Once the resistance level is broken, gold prices may create new highs.
Trading Central Pivot Line Indicator
(30-minute gold chart, source: Ultima Markets APP)
(30-minute gold chart, source: Ultima Markets APP)
According to the Trading Central pivot line indicator in the Ultima Markets APP, the intraday pivot point is 2509. Above 2509, the first target is 2527, and the second target is 2540. Below 2509, the first target is 2478, and the second target is 2460.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
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