The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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Gold is trading around $4,568, undergoing a sharp technical correction after consolidating for about seven days around the $4,700 level. Gold is expected to continue falling in the coming days until it reaches the 200-day EMA around $4,447 or the 61.8% Fibonacci retracement level at $4,300.
Gold has reached the key support level from March 27. If it consolidates above $4,650 in the coming hours, we could expect a recovery toward the 21 SMA at $4,734.
Given that gold is under bearish pressure, a pullback toward the 38.2% or 23.6% Fibonacci retracement levels could be considered a signal to continue selling in the coming days.
The daily gold chart shows bearish potential, and any technical rebound in the coming days could be viewed as an opportunity to sell until the 6/8 Murray target is reached, around $4,375.
According to the daily chart, gold has reached the lower band of the downtrend channel; if this support holds, we could expect a technical rebound toward the upper band of the trend channel around $4,645.
If this key support level proves to be strong, we could look for opportunities to buy gold above $4,550, with targets at 4,600 and 4,645, before the main downtrend resumes.
A decisive break above the 23.6% Fibonacci level and above the 21-day SMA could mark the start of a gold rally, and we could expect it to return to the $4,800 level; it could even reach the 8/8 Murray level around $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।
