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!
The price of Gold plunged after the FOMC Minutes came in more hawkish than expected. The yellow metal failed to resume its upwards movement, now, it's located in the seller's territory. It's traded at the 1,789.65 level above 1,786.42 yesterday's low. In the short term, the selling pressure remains high, it could approach and reach fresh new lows if the Dollar Index jumps higher.
The United States economic data could be decisive today. The Non-Farm Employment Change is expected at 426K in December versus 210K in November, the Unemployment Rate could drop from 4.2% to 4.1%, while the Average Hourly Earnings may report a 0.4% growth. The volatility will be high around these high-impact figures, XAU/USD could register sharp movements in both directions.
Technically, XAU/USD chaleges the 1,789.49 static support after retesting the broken uptrend line. As you can see on the h4 chart, the price registered only a false breakout above it signaling strong downside pressure.
Still, after its amazing sell-off, we cannot exclude a temporary rebound if the Dollar Index drops around the US data dump. Poor US figures could weaken the USD and could boost the yellow metal.
1,789.49 and 1,784.90 represent strong downside targets. It remains to see how the price reacts around these downside obstacles. A new lower low, a bearish closure below 1,784.90 could open the door for a larger downside movement.
Also, a minor rebound towards the 1,800 psychological level or a sideways movement could announce that the XAU/USD could extend its downside movement. Only a bullish pattern here around the support levels could announce a new swing higher.
*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।
