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 2,026.22 with a sharp drop below the 21 SMA and 200 EMA. Both moving averages are located at the same level of 2,030. This strong technical correction in gold could mean that a strong bearish acceleration could occur in the next few days, but first, the instrument should face the support located at 2,020.
In case gold bounces around 2,020, it could offer an opportunity to buy and its price could reach 2,030 and 2,037. These levels have now become strong resistance. Below this level, the bearish cycle is likely to resume and gold could reach 4/8 Murray around $2,000 in the next few days.
If gold continues to fall in the next hours, we should wait for the 2,020 area to buy only in case the metal trades above this zone. Then, we anticipate a technical rebound with targets at 2,030 and 2036 (daily pivot point).
On the other hand, in case gold breaks below the 2,019 low, a bearish acceleration could occur and the price could reach the February 5 low around 2,015 and even $2,000.
Plotting the Fibonacci indicator, we observe that the gold retraced to 61.8% at 2,045 and from there resumed its fall, which indicates that the XAU could continue its slide in the next few days.
*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.