Gold Price Correcting: Here are the Key Technical Signals to Watch

Submitted by Gary S. Wagner on Sunday, July 21, 2024 - 21:04.

Chart This - Recorded on July 19, 2024. Jeremy Szafron, Anchor at Kitco News, interviews Gary Wagner, technical analyst, to discuss the recent correction in gold prices. In this detailed analysis, Wagner explains the current consolidation phase in gold and provides insights into key technical indicators, including Fibonacci retracements and head-and-shoulders patterns. Wagner discusses whether this correction is shallow or deep, and what support levels to watch for in the coming months. He also shares his long-term price predictions and how recent market movements, and fundamental factors influence gold's trajectory.

00:00 - Gold Market Update

01:05 - Analyzing the Sell-Off

03:00 - Head and Shoulders Pattern Explanation

05:15 - Key Support Levels for Gold Prices

07:30 - Fibonacci Retracements and Their Importance

09:45 - Influence of Federal Reserve Rate Cuts

12:00 - Geopolitical Tensions and Gold Prices

14:15 - Resistance Levels to Watch

16:00 - Conclusion: