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Gold is trading around $4,130, above the downtrend channel formed since July 22 and within the uptrend channel formed since early July, showing a positive bias.
On the H4 chart, we can see that gold has decisively broken out of the downtrend channel and is also consolidating above the 200-period moving average, so it is likely to continue rising in the coming days and could reach the 3/8 Murray level around $4,218.
If gold falls to the upper band of the downtrend channel around $4,080, we could expect a technical bounce, which could be considered an opportunity to open long positions in anticipation of it reaching the upper band of the uptrend channel at $4,220.
Given that gold is showing a positive signal, we could look for opportunities to buy above the 200-day moving average around $4,116 or, in case of a pullback toward the resistance level that was broken around $4,080, to open long positions.
Conversely, a drop below $4,080 could trigger a technical correction toward the lower band of the uptrend channel around $4,040.
The Eagle indicator is reaching overbought levels, so we should be cautious if gold encounters resistance around $4,140; we could expect consolidation below this zone over the next few hours.
*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।
