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Gold is trading around $4,292 with a positive bias, above the 2/8 Murray level and approaching the 3/8 Murray level, showing signs of exhaustion in its upward momentum. We could expect it to reach the 200 EMA around $4,328 in the coming hours.
According to the daily chart, gold had been trading within a downtrend channel formed since June 21, and during the US trading session on August 4, it decisively broke out of this trend channel and quickly rose to reach the 3/8 Murray level; we could even expect it to continue rising in the coming hours.
We reckon gold could reach the strong resistance level at $4,328 or $4,296. These levels could present an opportunity for bears to open short positions, as technically this area could act as a strong barrier, potentially triggering a technical correction.
The indicator has now reached extreme overbought levels, so we could look for opportunities to sell gold in the event of a technical correction below the 3/8 Murray level at $4,296.
A pullback toward $4,328 would present a selling opportunity with a stop-loss above the 4/8 Murray level.
*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।
