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Gold is trading around 2,386, within an uptrend channel, and below the strong resistance at 2,397. On the H4 chart, we can see a consolidation in the price after it reached the 61.8% Fibonacci at 2,395. Gold is currently bouncing and could try again to break this zone.
In case gold breaks and consolidates above 2,395 and above the psychological level of 2,400, we could expect it to continue rising and the price could reach 2,422 and finally, 7/8 of Murray located at 2,437.
On the contrary, in case there is a pullback towards 2,395, the instrument could form a double top pattern which could be a technical reversal signal and we could sell below this area.
If this scenario occurs, the opportunity to sell at 2,395 will open up, with the target at 2,380. Additionally, a sharp break of the uptrend channel could give us a new entry to sell with the target at 2,346 (200 EMA).
Technically, the eagle indicator is reaching exhaustion levels. Gold is likely to make a technical correction in the coming days. Our trading plan will be to sell below 2,400 or in case it trades below 6/8 of Murray located at 2,385 with the target at the psychological level of 2,300.
*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।
