The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Gold is continuing to press higher and is now at around $1,788/oz. higher than the recent double-low print made in early/late March. This double bottom was just below the 61.8% Fibonacci retracement level at $1,689/oz. and the 50% Fibonacci retracement level around the $1,764/oz is now acting as a new level of support. If this continues to hold, the precious metal is likely to attempt to break back above $1,800/oz. before it eyes the 38.2% Fib level at $1,837/oz.
An uptick in the US bond yields and modest USD strength. The recent break through the double-bottom neckline resistance favours bullish traders. The XAU/USD seems poised to surpass the $1,800 mark and test the $1,815/16 barrier. Looking at the technical picture, last week's move beyond the $1,760/65 hurdle validated a bullish double-bottom formation near the $1,677/76 region. The constructive set-up is reinforced by bullish technical indicators. This, in turn, supports prospects for an eventual break through the mentioned barrier and additional near-term gains.
Looking at the technical picture, last week's move beyond the $1,760/65 hurdle validated a bullish double-bottom formation near the $1,677/76 region. The constructive set-up is reinforced by bullish technical indicators. This, in turn, supports prospects for an eventual break through the mentioned barrier and additional near-term gains.
On the flip side, the double-bottom neckline resistance breakpoint, around the $1,765/60 region should now protect the immediate downside. This is followed by support near the 23.6% Fibo. level, around the $1,745/44 area and the $1,730 level. Sustained weakness below will negate the positive outlook and prompt some aggressive technical selling.
The XAU/USD might then turn vulnerable and accelerate the fall towards challenging the $1,700 round-figure mark. Some follow-through selling would expose the double-bottom support, around the $1,677/76 region, or multi-month lows touched in March.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
