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The price of gold rebounded in the short term but it seems that the buyers are exhausted already. The instrument is trading at 1,963 at the time of writing and it seems under some bearish pressure. Technically, the price action signaled a potential larger correction phase. Still, we need strong confirmation before taking action.
The yellow metal dropped a little in the short term after the US Pending Home Sales reported better-than-expected data earlier. USD's growth could push XAU/USD down in the short term. So, the greenback needs strong support from the US Final GDP and Unemployment Claims indicators tomorrow.
As you already know from my analyses, the price of gold tried to rebound and recover after its strong drop. Now, it has found resistance at the weekly pivot point of 1,974.
It's trapped between the pivot point and the 1,959 level. Escaping from this minor range could bring us new opportunities.
A bearish closure below 1,959 activates a downside movement and brings new selling opportunities. A larger drop should be activated after taking out the weekly S1 (1,938).
*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।
