The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Gold plunged in the short term and now is trading at 1,856.64, far below 1,877.14 yesterday's high. Still, the retreat could be only a temporary one. The yellow metal could start advancing again if the Dollar Index slips lower after its amazing rally.
XAU/USD plunged after the United States Retail Sales registered a 1.7% growth in October versus 1.3% expected, while the Core Retail Sales reported a 1.7% growth versus 1.0% expected. Also, Industrial Production and the Capacity Utilization Rate come in better than expected.
Earlier, the UK inflation data came in higher than expected. As you already know, Gold is used as a hedge against inflation. Later, Canada is to release its inflation figures as well.
XAU/USD rallies at the time of writing after failing to reach the weekly pivot point of 1,848.78. Technically, it has found support on the triangle's downside line and now is fighting hard to come back higher.
In the short, Gold could move sideways trying to accumulate more bullish energy before jumping higher. Coming back above 1,868.62 upside obstacle and stabilizing above this level could signal an upside continuation.
Gold could still resume its upwards movement as long as it stays above 1,848.78 pivot point and above 1,841.57 low. In the short term, it could move sideways trying to accumulate more bullish energy and to attract more buyers.
A small consolidation around the current levels could bring new buying opportunities with a potential target at the 1,900 psychological level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
