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Gold prices slipped through $1,740 intraday on Monday in line with our earlier forecast. The yellow metal is seen to be trading close to the day's low around $1,740 at this point in writing as the bulls remain vigilant for a comeback. A bullish turn here will push the metal towards the $1,810-20 zone in the next few trading sessions.
Gold prices are likely to find interim support around $1,740 since the Fibonacci 0.382 level of its recent upswing is passing through as seen on the 4H chart here. The Fibonacci extensions (Red) are pointing towards $1,800 at least but the possibility remains for a breach above the $1,810 resistance. The Fibonacci convergence around $1,770 has played out well for the bears until now.
Gold can also retrace the entire rally between $1,614 and $1,786 before resuming its rally towards $1,810. However, prices must remain above $1,680 to keep the bullish scenario intact in the near term. Immediate price support is seen through the $1,700-05 zone, while resistance is seen at around $1,767. A break above $1,770 would confirm and accelerate a further rise.
Potential rally towards $1,810 against $1,680
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।
