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The price of gold is located at 1,959 at the time of writing and is struggling to stay higher. Despite the USD's appreciation versus its rivals, the yellow metal stands right below yesterday's high of 1,963.
Surprisingly or not, the XAU/USD remains bullish in the short term even if the US CB Consumer Confidence came in better than expected yesterday. Today, the Australian CPI reported a 6.8% growth exceeding the 6.4% growth estimated. Later, the German Prelim CPI, the Canadian GDP, and the US JOLTS Job Openings represent major events and could bring high volatility.
XAU/USD stays near the ascending pitchfork's median line (ml), 1,962 static resistance, and below the minor downtrend line. These represent upside obstacles. It remains to see how it reacts as the fundamentals factors should drive the rate.
Technically, staying around the resistance levels may announce strong upside pressure and an imminent breakout.
You knew from my yesterday's analysis that XAU/USD should activate a broader rebound after jumping and closing above the median line (ml). A bullish closure above the downtrend line and stabilizing beyond the median line (ml) is seen as a buying signal.
Still, don't forget that false breakouts through the resistance levels may announce a new sell-off.
*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।
