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!
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Gold is trading around $5,157 within the uptrend channel and rebounding strongly after reaching the psychological $5,000 level, which coincided with the 200 EMA and the 8/8 Murray.
This strong technical rebound could continue over the next few hours until it reaches the 61.8% Fibonacci level around $5,250, which also coincides with the 21 SMA. From that point, the instrument could resume its bearish cycle.
In case of a technical correction towards $5,060 or towards the lower band of the uptrend channel in the coming hours, traders could also grasp an opportunity to open long positions, with targets at $5,257 and $5,312.
The Eagle indicator is showing a negative signal, so we could look for opportunities to open short positions around $5,260 or $5,311, as the target could again be to reach the psychological level of $5,000.
A sharp break below the 200 EMA could change the bullish scenario for gold, and we could expect it to return to 7/8 Murray around $4,687.
Our strategy will remain bullish for the next few days in case there is a pullback towards the daily support of $5,040 or towards the $5,110 zone.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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