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!
Technically, we observe that gold is overbought but could continue to rise above the key point of 2,031. Below this area, a sharp drop could occur in the coming days. For this, we should expect gold to trade below 2/8 Murray located at 2,031.
If gold makes a pullback around 2,046 or 2,049 in the next few hours, it will be seen as a signal to sell with targets at 2,031 and 2,025.
On the contrary, if gold falls below 2,031 and also consolidates below the 200 EMA located at 2,025, it could be the beginning of a trend reversal. So, a bearish acceleration could occur and the price could reach the psychological level of $2,000.
Our outlook will remain bearish, but for this, we have to wait for gold to reach the levels around 2,049 to sell or below 2,031 to sell, with targets at 2,015 and $2,000. The eagle indicator is in the overbought zone. Therefore, a technical correction is likely to occur in the coming days.
*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.
