The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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A stronger-than-expected report on consumer inflation in the United States, published on Tuesday, confirmed the market's expectations that the Federal Reserve would maintain interest rates at a high level. Consequently, this news led to a decline in the yellow metal. However, a combination of certain factors provides some support for gold and helps limit the maximum decline.
Meanwhile, the U.S. dollar retreated from the highest level observed in November amid a moderate decline in Treasury bond yields.
Alongside the overall weaker sentiment in the stock markets, this helps gold to defend itself with the support of the 100-day simple moving average (SMA). Nevertheless, the mentioned fundamental background suggests that the path of least resistance for XAU/USD is downward. Therefore, any attempt at recovery may be considered an opportunity to sell and is likely to disappear quickly.
From a technical standpoint, gold seems ready for further decline and will test the 200-day SMA. Sales below the region of $1,990 (the 100-day SMA) may expose the support of the 200-day SMA, which is currently tied to the $1,965 area.
A convincing break below the 200-day SMA will be considered a new stimulus for bears and pave the way for further short-term declines in the exchange rate. Then, the price of gold will be able to drop to intermediate support around $1,950 and subsequently decline to the November 2023 low.
On the other hand, any attempt at recovery beyond the $2,000 mark will encounter resistance around $2,011. However, subsequent purchases leading to a rise above the $2,015 level may trigger increased short position coverage and raise the price of the precious metal to the 50-day SMA, currently tied to the $2,030 zone.
A decisive breakout of $2,030 would open the way to the $2,065 supply zone, with some intermediate obstacles around $2,045.
*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।
