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Gold is trading around $5,200, undergoing a slight technical correction after attempting to break through the top of the bullish channel during Tuesday's US session.
Given that gold has reached resistance levels, it will likely continue its technical correction in the coming hours towards the 21 SMA located at $5,141 and could even reach the 61.8% Fibonacci level of $5,100.
Given that XAU/USD is showing positive signs, any pullback in the coming days could be seen as a signal to continue buying with targets around $5,600.
If gold breaks above Tuesday's high, we could expect a further upward movement, and it could reach February's high of $5,440.
In case of a decline, the price is expected to find good support around $5,141. Once this level is broken, it is likely to drop to the next support around $5,033 and finally to the psychological level of $5,000.
Our strategy remains bullish for gold, so we will look for opportunities to buy in the coming days above the 21 SMA. The Eagle indicator is showing a positive signal, which supports our strategy.
*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।
