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Spot gold is consolidating ahead of Fed Chair K. Warsh's speech in Jackson Hole. The absence of any signal from the Fed Chair that interest rates could be raised at the September meeting, or even at any point this year, could lead to a weaker U.S. dollar in the Forex market, which could in turn support higher gold prices. Gold is already attractive as a safe-haven asset amid geopolitical tensions in the Middle East and Ukraine.
From a technical perspective, it is trading above the strong resistance level of 4578.00.
The price is below the middle line of the Bollinger Bands and above the SMA 5 and SMA 14. The RSI is at 50% and moving sideways. Stochastic is rising but remains below the 50% level.
Gold could find support and rise toward 4770.00 if Warsh indicates that the Federal Reserve is not currently considering the possibility of raising interest rates. The 4635.00 level could serve as an entry point for a long position. SL: 4509.14.
*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।
