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Technical outlook:
Gold reached $1,875 levels yesterday, before hitting major resistance and reversing. A simplified daily chart is presented here which indicates that the yellow metal might have hit a formidable resistance. The 09-month old trend line resistance was also tested yesterday with a doji candlestick pattern on the daily chart.
High probability remains for an evening star pattern to be produced on the daily chart, indicating potential bearish turn ahead. Gold is seen to be trading around $1,858/59 levels at this point in writing and is expected to break below $1,800 levels in the near term. Immediate resistance is seen at $1,960, while support comes in around $1,808 levels respectively.
Also note that Gold has managed to cross the fibonacci 0.618 retracement seen over $1,851 levels. All the above combinations are pointing towards a major bearish reversal ahead. Watch out for $1,800 to be taken out, to confirm the turn and bears to be back in control.
Trading plan:
Remain short, stop @ $1,900, target is below $1,678
Good luck!
*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।
