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After a significant upward movement, gold prices have now stalled just below the $2,900 per ounce mark. This pause is influenced by two key factors: a slight weakening of the U.S. dollar and market anticipation surrounding upcoming phone negotiations between Xi Jinping and Donald Trump regarding the U.S.-China trade conflict.
Market sentiment suggests an expectation of reduced tensions, which may lead to profit-taking following gold's recent rally. This could result in a corrective pullback. If substantial agreements are reached during the discussions, it could provide further justification for a deeper decline in gold prices.
The price is above the middle line of the Bollinger Bands and below the 5-day Simple Moving Average (SMA), while still remaining above the 14-day SMA. The SMA 5 crossover indicates a potential sell signal. Additionally, the RSI is moving out of the overbought zone, reinforcing a bearish signal. The Stochastic Oscillator has also crossed below the 50% level, suggesting the possibility of further downside movement.
If gold prices decline below the support level of $2,857.70, it may trigger a drop toward $2,830.00.
*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।
