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Gold plunged in the short term and now is trading at 1,856.64, far below 1,877.14 yesterday's high. Still, the retreat could be only a temporary one. The yellow metal could start advancing again if the Dollar Index slips lower after its amazing rally.
XAU/USD plunged after the United States Retail Sales registered a 1.7% growth in October versus 1.3% expected, while the Core Retail Sales reported a 1.7% growth versus 1.0% expected. Also, Industrial Production and the Capacity Utilization Rate come in better than expected.
Earlier, the UK inflation data came in higher than expected. As you already know, Gold is used as a hedge against inflation. Later, Canada is to release its inflation figures as well.
XAU/USD rallies at the time of writing after failing to reach the weekly pivot point of 1,848.78. Technically, it has found support on the triangle's downside line and now is fighting hard to come back higher.
In the short, Gold could move sideways trying to accumulate more bullish energy before jumping higher. Coming back above 1,868.62 upside obstacle and stabilizing above this level could signal an upside continuation.
Gold could still resume its upwards movement as long as it stays above 1,848.78 pivot point and above 1,841.57 low. In the short term, it could move sideways trying to accumulate more bullish energy and to attract more buyers.
A small consolidation around the current levels could bring new buying opportunities with a potential target at the 1,900 psychological level.
*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।
