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On Thursday, gold (XAU/USD) extended its positive momentum for a second consecutive day, although it continues to trade within the previous day's range.
From a technical perspective, the rally driven by short-covering encountered resistance at the 50-period Simple Moving Average (SMA), indicating that the bearish bias remains intact in the near term. At the same time, momentum indicators have improved: the MACD has turned higher into positive territory, while the RSI remains around the 54 level in positive territory.
A sustained move above the 20-period Simple Moving Average (SMA) would create conditions for a further recovery, although the upward potential remains limited under the current market setup. The nearest resistance is located at $4,122.14, followed by the 100-period SMA at $4,145 and the psychological $4,200 level. The next upward targets are $4,216, followed by the 200-period Exponential Moving Average (EMA) and the 200-period Simple Moving Average (SMA).
On the other hand, initial support is located at $4,050, a level that has already been tested. A further decline could bring the price toward the 20-period Simple Moving Average (SMA), the psychological $4,000 level, and another test of the structural low near $3,940.
*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।
