Weekly Gold Price Forecast August 18 - 22, 2024
In recent days, gold prices have surged significantly, climbing from the $2380 mark to around $2480 per ounce. In our analysis for the week of August 18 to 22, 2024, we expect this upward trend in gold prices to continue, though a brief downward correction may occur before the rally resumes.
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| Weekly Gold forecast August 18 - 22, 2024 |
Daily Time Frame Analysis
On the daily chart, gold is heading toward the $2420 demand area after reaching a liquidity spike at the previous week’s peak of $2750. Currently, gold is experiencing a downward movement targeting the price gap around the $2750 level. Therefore, we advise entering sell positions in the upcoming days, aiming for the $2750 demand zone.
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| Daily Time Frame Analysis on gold |
Four-Hour Time Frame Analysis
At present, gold is undergoing a downward correction. Thus, any upward correction represents a solid selling opportunity, with targets set at the $2420 demand area. Consequently, we recommend that all daily trading positions from August 18 to 22, 2024, be sell trades. However, in the long term, gold remains a strong buy, especially for investment purposes.
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| Weekly Gold forecast August 18 - 22, 2024 |
Frequently Asked Questions About Weekly Gold Analysis
Should I sell gold now?
It is not advisable to sell gold at the current price of $2441. It is better to wait for a correction to the supply zone identified on the chart at around $2457.
Should I buy gold now for investment purposes?
Purchasing gold at the current price is not recommended for investment. It would be wise to wait until the price reaches the $2420 demand zone before buying.
Why invest in gold?
Investing in gold for the medium and long term, without leveraging, is considered one of the best options currently available, especially in light of global inflation. Additionally, diversifying investments across various financial assets, such as real estate and local stocks, is recommended alongside gold.
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