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 $4,809, awaiting a fill of the gap it left at $4,842. Gold is undoubtedly expected to fill this gap in the coming hours, so we will look for opportunities to buy above the 200 EMA around $4,785, with targets at the gap's closure.
On the H4 chart, we can see that gold has widened its trend channel and is expected to continue rising in the coming days, potentially reaching last week's high around $4,885; we could even expect the instrument to reach the psychological level of $5,000.
If gold remains above the 200 EMA or consolidates above $4,760 near the lower band of the uptrend channel in the coming hours, this could be considered a signal to open long positions.
Conversely, a drop and consolidation below $4,750 or a close on the H4 chart below this week's low could change the outlook for gold, and we could expect it to reach the 7/8 Murray level around $4,687, and ultimately a sharp decline toward the 6/8 Murray level at $4,375.
The Eagle indicator is showing a positive signal, so we will look for opportunities to buy gold while the price settles above the 200 EMA or, in an extreme case, if it rebounds within the uptrend channel.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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