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Gold is trading around $4,317.95 within a descending trend channel formed in April 2016, and is currently reaching the upper band of this channel.
Given that gold is accumulating and consolidating around $4,310, we could expect a technical rebound, potentially reaching the 6/8 Murray level around $4,375.
If gold consolidates below $4,300, the outlook could be negative, and we could expect it to reach the daily S_1 support level around $4,265 and the daily S_2 support level around $4,204.
We must closely monitor gold's movements. A sharp break below the descending trend channel could accelerate its decline to the psychological level of $4,000 in the short term, or the price could find support around the 5/8 Murray level located at $4,062.
A technical bounce above $4,310 could be seen as an opportunity to open long positions with targets at the 6/8 Murray level and the 21-period SMA around $4,430. We could ultimately expect it to reach the 200-period EMA around $4,550.
The Eagle indicator is showing a negative signal. So, after a technical bounce in gold towards the strong resistance at the 6/8 Murray level, the bearish cycle could resume. Gold could reach the psychological level of $4,000 in the coming days.
*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।
