Gold prices leveled following persistent losses in August. Meanwhile, Silver is making a more aggressive upside push. What are key technical levels to watch in the week ahead?
Gold prices leveled this past week following persistent losses throughout August. Prices reinforced the 1681 – 1696 support zone and left behind a. The yellow metal subsequently found cautious upside follow-through as prices approached the 38.2% Fibonacci extension level at 1732.
Not far above is the 20-day Simple Moving Average , which could reinstate the downside focus. If it doesn’t, the long-term falling trendline from March will then come into focus. To overturn the downside bias, confirming a breakout above this trendline will likely be key. Until then, there is room for gold to push higher in the interim without necessarily overturning the downside focus since earlier this year.
If that is the case, keep a close eye on the 100-day SMA as the next key level. In the event of a turn lower, keep a close eye on the July low. A confirmatory breakout would open the door to testing the lowest price since 2021. Subsequent losses would expose the 78.6% and 100% Fibonacci extensions at 1651 and 1609 respectively.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold, silver climb as U.S. dollar retreats from 20-year highGold and silver prices climb on Friday as the U.S. dollar weakens and the euro rises after the European Central Bank raised its benchmark interest rates...
Read more »
Nicolas Cage Welcomes First Child with Wife Riko ShibataThe couple named their daughter August Francesca Coppola Cage after the actor's late father, August Coppola.
Read more »
Ohio casinos and racinos have record August with $196 million in gambling revenueOhio’s casinos and racinos took in $196 million in gambling revenue last month, just barely breaking a record for August.
Read more »
Column: China’s August coal and copper imports not as strong as they lookChina’s imports of major commodities were mixed in August, with ongoing weakness in crude oil and natural gas but strength in coal and copper.
Read more »
China: Trade figures disappointed in August – UOBEconomist at UOB Group Ho Woei Chen, CFA, comments on the latest release of trade balance results in China. Key Takeaways “Both China’s export and imp
Read more »