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XAU/USD slipped lower after its last rally which was natural. It's trading at 1,916 at the time of writing far below today's high of 1,929. The bias remains bullish, so temporary retreats could bring us new long opportunities. The rate could come back to test and retest the near-term support levels before jumping higher as the Dollar Index remains under pressure.
Fundamentally, XAU/USD retreated slightly as the US Prelim UoM Consumer Sentiment came in at 64.6 points on Friday versus 60.8 points expected and compared to the 59.7 points in the previous reporting period. Yesterday, the US banks were closed, while today, the Chinese GDP, UK Claimant Count Change, and most importantly, the Canadian inflation figures could really shake XAU/USD.
Technically, XAU/USD extended its growth after taking out the 1,901 static resistance. It has failed to reach the channel's upside line and now it has dropped a little. The weekly pivot point of 1,902, the 1,901 key level, and the uptrend line represent downside obstacles.
As long as it stays above these levels, the bias remains bullish, so further growth is natural. Actually, the current retreat could bring us new longs.
Coming back to test and retest the support levels (downside obstacles), registering false breakdowns may announce a new bullish momentum. This is seen as a new buying opportunity. The weekly R1 (1,939) and the channel's upside line represent potential targets.
*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।
