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Spot gold accelerated a further drop losing 1% in Asia / early Europe trading on Monday and adding to Friday's 1.1% drop.
The stronger dollar keeps the metal under pressure as investors are turning focus to Fed's policy meeting later this week.
The market sees recent spikes in inflation as a temporary happening that reduced demand for the yellow metal, used as a hedge against inflation. However, slight optimism that the Fed policymakers may start discussions about tapering and possibly hint changes in the monetary policy amid improving economic conditions could further reinforce the greenback.
Fresh bears cracked important support at $1,855 (June 4 trough), a break of which would complete a failure swing pattern on the daily chart and signal further weakness.
Extension of a pullback from $1,916 (June 1 peak) would face pivotal supports at $1,840 and $1,825 (Fibo 38.2% of $1,677/$19,16 upleg) with a break here to confirm a trend reversal.
Rising bearish momentum and south-heading RSI / stochastic on daily chart support the near-term action. Upticks need to hold below $1,877 (bull-trendline off $1,855 higher low) to keep fresh bears in play.
Res: 1,866, 1,877, 1,883, 1,888
Sup: 1,855, 1,840, 1,825, 1,815
*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।
