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!
Gold continues to move somehow sideways in the short term. The yellow metal tried to recover as the Dollar Index was in a corrective phase. Still, the bias remains bearish as the central banks continue to hike rates. Technically, the rebound could bring new selling opportunities.
XAU/USD was trading at 1,708 at the time of writing. Gold changed little despite the UK and the Canadian inflation data. The UK Consumer Price Index reported a 9.4% growth versus 9.3% expected, while the Core CPI surged by 5.8% matching expectations. On the other hand, the Canadian CPI rose by only 0.7% less versus 0.9% expected and compared to 1.4% in the previous reporting period, while Core CPI registered a 0.3% growth versus 0.8% growth in the previous reporting period.
Fundamentally, the BOJ and the ECB could really shake the markets tomorrow. Gold could register sharp movements around these high-impact events.
XAU/USD is trapped between the downtrend line and the uptrend line. Also, it moves sideways between 1,697 and 1,723 levels. In the short term, it could continue to move sideways.
I'll wait for an upside or downside breakout before taking action. Technically, the temporary rebound could represent a flag pattern (up-channel) which could announce more declines. The bias is bearish, so personally, I'll look for shorts.
As long as it stays under the downtrend line, the bias is bearish. A new lower low, dropping and closing below 1,697 could activate more declines. This scenario could help the sellers to go short again.
Only a valid breakout above the downtrend line and above the 1,723 could activate a swing higher and could invalidate a downside continuation.
*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।