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The price of gold rallied in the short term and now is trading at 1,994 at the time of writing. It has climbed as much as 2,000 today, registering a new high. Still, after the impressive growth, a retreat was natural.
Today, the US CB Consumer Confidence indicator should be decisive. The New Home Sales and Richmond Manufacturing Index data will be released as well. In my opinion, positive US data should lift the greenback and could send XAU/USD down.
XAU/USD jumped above the downtrend line but it has found resistance at 1,998. It has registered only false breakouts through this static resistance. It's trapped between the 1,998 and 1,971 levels.
After its amazing rally, a retreat was natural, the rate tries to test and retest the broken downtrend line before resuming its growth. The weekly pivot point of 1,989 stands as a support level.
Consolidating above the weekly pivot point of 1,898 and above the downtrend line indicates that the price accumulated new bullish energy before extending its growth. A valid breakout through 1,998 validates further growth and is seen as a bullish signal.
*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।
