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Gold is trading around $4,661 under downward pressure, and the price is likely to continue falling in the coming hours until it reaches the psychological level of $4,500.
Given that gold has failed to break above the weekly resistance zone around $4,731 and is also trading below the 7/8 Murray line, it could continue falling to reach $4,600 and might even hit the 61.8% Fibonacci retracement level around $4,560.
If gold falls to about $4,560 in the coming hours, this could be seen as a buying opportunity with targets at $4,687, and it is even expected to rebound and reach the 21 SMA levels around $4,830.
The outlook for gold remains bearish. However, it is reaching oversold levels, so the odds are in favor of a strong technical rebound in the coming days. Hence, gold could return to the 8/8 Murray levels around the psychological $5,000 mark.
If gold continues to show bearish signs, it could find strong support around $4,500 or even around the $4,495 level, which coincides with the lower band of the downtrend channel. Once this level is breached, gold has strong support around the 6/8 Murray level at $4,375.
Given that gold is oversold, we will look for buying opportunities in the coming days in case of a rebound around $4,560 or $4,500, with targets at $4,830 and $5,000.
*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।
