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