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Gold (XAU/USD) continues to post solid intraday losses, retreating from the $4,600 level.
From a technical perspective, XAU/USD maintains a short-term downward trend, trading within a descending parallel channel and below both the 20-day and 50-day Simple Moving Averages (SMAs). The moderately negative MACD histogram, combined with a Relative Strength Index (RSI) reading below 50, at around 44, suggests that the sell-off may continue amid weakening momentum.
Last week, the instrument showed resilience near the key 200-day SMA, which continues to support the longer-term upward trend. Therefore, it would be prudent to wait for a decisive break and consolidation below this moving average, currently located at $4,400, before considering a downside scenario toward the psychological level of $4,300.
On the other hand, the nearest resistance is located at the 20-day SMA near $4,580 and is further reinforced by the 50-day SMA at $4,630. A sustained break above this range will be necessary to ease the current downward pressure.
However, it is worth noting that negative oscillator readings continue to indicate that bearish traders retain the upper hand in the market.
*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।
