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Gold is trading around $4,676 under bearish pressure and within a descending trend channel formed on April 16. Gold is currently trading below the 7/8 Murray level and below the 21-day and 200-day moving averages, indicating a downtrend.
For the past few days, gold has been trading below the 200 EMA, after attempting to break above it on Tuesday. Below this area, we saw a sharp technical correction, and now the instrument remains under bearish pressure. XAU could continue its fall in the coming hours, potentially reaching the lower band of the descending trend channel around $4,580.
If gold consolidates above the 7/8 Murray level around $4,687 in the next few hours and breaks above the 21-period SMA and the descending trend channel, this could be considered a positive sign. We could then expect the price to reach the 200-period EMA around $4,776 and even its weekly high around $4,886.
If gold falls towards the lower band of the descending trend channel around $4,580 in the next few hours, this area could be seen as a buying opportunity if a technical rebound occurs, with targets at the 7/8 Murray level.
The Eagle indicator has reached oversold levels, so we expect gold to resume its main upward cycle in the coming days and could reach $4,800 or even the psychological level of $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।
