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Gold is trading around $4,404, above the 200 EMA and above the 4/8 Murray level, which means it could find strong support in these areas in the coming hours and potentially rebound to reach the upper band of the downtrend channel at $4,460.
If gold reaches the 200 EMA around $4,381 or the 4/8 Murray level around $4,375, this zone represents strong support and could offer a buying opportunity in the coming hours.
A drop below the 4/8 Murray level could change the outlook for gold, and we could expect a strong technical correction toward the 3/8 Murray level around $4,296.
We must monitor this 4/8 area closely, as above it, there is a strong possibility of continued upward movement. Below it, we expect a technical correction; furthermore, if bearish momentum prevails, the instrument could reach the 2/8 Murray level around $4,218.
If gold breaks above the downtrend channel and consolidates above $4,460 in the coming days, we could expect it to reach the 6/8 Murray level around $4,531. It could then reach the 100% Fibonacci extension level around $4,590. Finally, the price could reach the 161.8% Fibonacci level around $4,730.
We believe that gold could consolidate above $4,375 in the coming days; therefore, any technical pullback toward this area will be viewed as an opportunity to continue buying.
*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।
