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Gold is trading around $5,074 within the downtrend channel formed since early March and showing signs of exhaustion of bearish momentum as the price is approaching oversold levels.
Gold could reach the 200 EMA around $5,014 if it continues to fall around this area in the coming hours, and then we could expect a strong technical rebound.
Crucial data from the United States will be released in the coming hours. If the NFPs are weak, we could expect gold to reach the $5,141 level, where the 21 SMA is located, and this could be seen as a point to open short positions.
If gold consolidates above $5,141, the outlook could remain positive, and we could expect it to continue rising in the coming hours until it reaches the +1/8 Murray around $5,312.
Gold is expected to remain under downward pressure as long as the price consolidates below the 21 SMA. So, we could expect it to reach the psychological level of $5,000 in the coming days. The instrument could even break this support and reach the 7/8 Murray around $4,687.
Given that the Eagle indicator is reaching oversold levels, any pullback in the price while trading above the 200 EMA will be seen as an opportunity to open long positions
*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।
