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Early in the European session, gold is trading around 2,273 below +1/8 Murray and below the SMA 21. After reaching the high of 2,305.54, gold is making a strong technical correction. Now, we see that it could continue to fall but it has important support at 2,256.
After 7 days of gains, gold's bullish streak came to an end. We now see a strong technical correction due to extremely overbought levels as seen on the daily chart.
A sharp break of the bullish channel forming since March 25 could be the beginning of a trend reversal. If the technical correction continues, we could expect the price to reach the final bearish target around the 200 EMA located at 2,159.
Conversely, a technical bounce around 2,256 or a return and consolidation above the 21 SMA located at 2,276 will be seen as a buying opportunity. If this scenario comes true, gold will reach the final target for bullish investors at +2/8 Murray located at 2,312.
In the next hours during the American session, the NonFarm Payrolls will be published. This data could give strong volatility to gold. If the news is positive for the US dollar, a sharp drop in gold could occur with the price reaching the psychological level of 2,200.
Our trading plan for the next hours is to buy in case there is a technical rebound at around 2,250 around 2,280.
*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।
