Gold Analysis: Will Gold Break New Historical Levels? - 28 August 2024

Yesterday, the gold price fell towards the support level of $2,503 per ounce but quickly rebounded to stabilize around the resistance level of $2,525 per ounce.

Initial support is around $2,485/oz. followed by $2,450/oz. Gold Daily Price Chart Retail trader data shows 53.66% of traders are net-long with the ratio of traders long to short at 1.16 to 1.The number of traders net-long is 10.14% higher than yesterday and 13.05% higher from last week, while the number of traders net-short is 5.69% lower than yesterday and 9.76% lower from last week.

WARNING: This article is not investment advice.