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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The price of gold retreated a little in the short term but the bias remains bullish. You already know from yesterday's analysis that XAU/USD could test and retest the immediate support levels before resuming its growth. After its strong rally, a retreat was natural.
Fundamentally, the BOJ left its monetary policy unchanged in the October meeting as expected. Later, the US Employment Cost Index may report a 1.0% growth, CB Consumer Confidence could drop from 103.0 to 100.5, while Chicago PMI is expected at 45.4 points above 44.1 in the previous reporting period.
From the technical point of view, XAU/USD developed a minor down channel (flag formation). This could represent an upside continuation pattern.
You knew from yesterday's analysis that the bias remains bullish as long as it stays above the uptrend line and above 1,987.
A valid breakout above the minor downtrend line (flag's resistance) confirms that the retreat is over and that the buyers could take it higher again. This is seen as a buying opportunity.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
Uz InstaSpot-ove analitičke preglede uvek ćete biti u toku sa tržišnim trendovima! Klijentima InstaSpot-a su dostupni mnogobrojni besplatni servisi za uspešno trgovanje.
