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Gold is trading around $4,140, erasing all of Monday's gains. The downward momentum is likely to prevail if gold consolidates below the 21-period simple moving average (SMA) in the coming hours.
Gold is showing signs of exhaustion in its upward momentum. From a technical perspective, the correction could continue, potentially reaching the psychological level of $4,000 or the 2/8 Murray zone, around $4,062.
Given that gold is trading below a strong resistance zone around $4,200—a level it failed to break through—and that a technical correction has occurred since then, it is expected to continue falling in the coming hours.
In this regard, we should monitor the $4,134 level; below this zone, we will look for selling opportunities with targets at the lower band of the uptrend channel, around $4,040.
Conversely, if gold consolidates above $4,134 in the coming hours, the outlook could be positive, and the instrument would continue to rise until reaching $4,218—around the 3/8 Murray level—and could ultimately reach the upper band of the uptrend channel, which coincides with $4,237 and the 200-period EMA, around $4,255.
*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।
