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The XAU/USD pair is trading around $4,818 following a consolidation above the 200 EMA, showing a positive signal. The chart above shows signs of exhaustion, suggesting that gold is expected to face downward pressure in the coming days.
Gold has made every effort to consolidate above the 200 EMA, rebounding several times above this zone. However, the bullish momentum was unable to push gold toward the two expected levels of $4,890 and even $5,000.
On the H4 chart, we can see that gold has reached its early April high around $4,860. Since then, we have seen a technical correction, so the instrument is likely to face downward pressure in the coming days. If this scenario plays out, XAU is expected to reach the 200 EMA around $4,778, but if there is a break below the 7/8 Murray line, it could continue to fall.
A technical rebound in gold above the 200 EMA, the 21 SMA, and the lower band of the uptrend channel—which converge around $4,778—could be a good entry point for long positions with targets at $5,000.
Conversely, a sharp drop below the 200 EMA and a decisive break of the uptrend channel could signal a trend reversal, and gold could quickly sink to $4,687, and even down the 6/8 Murray level around $4,375.
*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।
