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Gold prices rallied through the $1,772 highs on Friday before hitting resistance. The yellow metal has pulled off the highs and is seen to be trading close to $1,755 at this point in writing as the bears prepare to drag further.Immediate resistance is seen at $1,810 and a push higher will open the door to test up to the $1,820-25 zone in the near term. We are looking lower towards $1,725 for now.
Gold has hit the Fibonacci 0.786 retracement of the larger-degree downswing between $1,807 and $1,616 as seen on the 4H chart here. Also, note that the Fibonacci 0.382 extension of the counter-trend rally also converges close to $1,772. A bearish reversal here remains a possible decline towards fresh lows.
On the flip side, if prices reverse from the $1,725-45 zone, the metal could push further towards $1,800 before reversing lower again. Besides, note that the potential remains for a print above $1,807 to complete the corrective expanded flat structure at a larger degree. Overall, Gold prices might reverse from here or after visiting the $1,800-10 zone.
Potential upside targets hit. Flat for now.
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।
