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!
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In the American session yesterday, gold rose to 1,909, around 2/8 Murray. However, it was unable to consolidate at that level, falling below the 21 SMA on 1-hour charts located at 1,894.
From the low of 1,850 to the high of 1,909, gold has corrected approximately 61.8% of this advance. This could be a sign that gold could resume its bullish move in the coming days as long as it keeps trading above 1,873.
Gold is currently trading above the 21 SMA located at 1,873 and around the 61.8% Fibonacci retracement.
This pullback of gold could be considered a technical correction and we could expect it to resume the upward movement that originated around 1,850.
If in the next few hours, gold consolidates above the 61.8% Fibonacci located at 1,873 and above the 21 SMA, it may reach 38.2% in 1886 and 23.6% around 1,895.
The 10-year Treasury yield jumped to 3.03% and the 30-year to 3.13%. This was the factor that pushed gold down and it is expected that there will be a technical correction and profit-taking in the American session on Friday, which could favor the recovery of gold.
The eagle indicator is giving a positive signal on the 4-hour chart. Gold is projected to recover in the coming days and could reach the top of the downtrend channel around 1,900.
Our trading plan is to buy gold above 1,873, with targets at 1,885, 1,895. Gold could even reach 200 EMA around 1,916.
*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।
