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!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Gold is trading around $4,533, undergoing a technical correction after reaching a high of $4,570, which coincided with the upper band of the downtrend channel formed since May 10.
According to the H4 chart, gold is expected to fall below the 21 SMA at 4,530. If that happens, we could see a drop toward $4,470 or even a retest of the May 19 low around $4,435.
The outlook remains positive for gold as the Eagle indicator is showing a positive signal. Therefore, we could buy with targets at $4,570 in the coming hours. Moreover, a decisive break above the downtrend channel could accelerate gold's upward movement, potentially reaching $4,669 near the 200 EMA in the coming days.
We should pay attention to the 21 SMA, a key support level where we could look for opportunities to open long positions. Our outlook will hold only if the instrument consolidates above this zone.
A drop below the $4,500 level could resume gold's bearish cycle, potentially reaching the lower band of the downtrend channel around $4,412 and possibly even hitting the 6/8 Murray level around $4,375.
Our trading plan for the coming hours is to buy gold above $4,530, with targets at $4,574 and $4,670.
*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।
