Has Gold Started to Form a New Demand Area?

August 30, 2022
by Joseph Jeffriess, Market Analyst

Hi, and welcome to today’s video update.

Our focus is on gold’s daily chart today, and in our analysis video, we run over the levels we’re watching and review price action we are looking for.

Gold could be starting to set up a new area of support, but we need to see this level hold today to give further credibility and, hopefully, confirmation. Sellers continue to test the area, but until we see a move through or close deep into the highlighted area, we will continue to look for buyers to fight back. Another level to keep an eye on is 109 on the USD index. This level has been putting up short-term resistance, and a weaker USD can help drive gold higher.

Gold support and demand $1735.40 – 1729.30.

We’d love to hear your comments. Do you agree? Is there anything else you would like to point out in the current picture?

Thanks for stopping by. We hope you all are having a pleasant Tuesday.

Gold Analysis Video

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