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Gold is trading around $5,157 within the uptrend channel and rebounding strongly after reaching the psychological $5,000 level, which coincided with the 200 EMA and the 8/8 Murray.
This strong technical rebound could continue over the next few hours until it reaches the 61.8% Fibonacci level around $5,250, which also coincides with the 21 SMA. From that point, the instrument could resume its bearish cycle.
In case of a technical correction towards $5,060 or towards the lower band of the uptrend channel in the coming hours, traders could also grasp an opportunity to open long positions, with targets at $5,257 and $5,312.
The Eagle indicator is showing a negative signal, so we could look for opportunities to open short positions around $5,260 or $5,311, as the target could again be to reach the psychological level of $5,000.
A sharp break below the 200 EMA could change the bullish scenario for gold, and we could expect it to return to 7/8 Murray around $4,687.
Our strategy will remain bullish for the next few days in case there is a pullback towards the daily support of $5,040 or towards the $5,110 zone.
*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।
