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Gold prices have dropped to fresh intraday lows around $1,856-57 by the time of writing on Monday. The yellow metal is testing a potential support zone between $1,857 and $1,860 levels at this point in writing. Bulls are still looking poised to be back in control and push through the $1,893-95 mark, which is intermediary resistance.
Gold had earlier dropped between the $1,998 and $1,850 levels, carving a meaningful downswing as seen on the 4H chart here. The metal seems to be retracing from the above boundary within a Gartley structure. If the above structure unfolds accordingly, prices would stay above $1,850 and continue higher towards the $1,940-45 range in the next few trading sessions.
Gold is facing potential resistance around $1,943 since it is the Fibonacci 0.618 retracement of the above drop. A high probability remains for a bearish reversal if prices manage to reach the $,1940-45 zone. Bears would remain poised to be back in control thereafter and drag below $1,850 going forward. Only a break above $1,998 will delay matters further.
Potential rally through $1,940-45 against $1,850
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।
