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!
Gold is trading around 1,992.84, bouncing after reaching the bottom of the downtrend channel forming since January 25 and after reaching the low of 1,984.12. Consolidation is going on and a technical rebound is likely to occur in the next few hours until reaching the top of the downtrend channel around 2,018.
The daily pivot point is located around 1,990, which adds a positive outlook, but we should expect the instrument to trade above this level. Then, we could have a bullish signal to buy with targets at the psychological level of $2,000 and the 21 SMA at 2,007.
On the contrary, in case gold falls below 1,990, we could expect it to continue with the bearish movement and it could again test the bottom of the bearish trend channel around 1,980. If the bearish force prevails, XAU/USD could reach - 1/8 of Murray located at 1,968.
Our outlook could remain bullish with an opportunity to buy gold, only if it consolidates above 1,990. If this scenario occurs, we can buy with targets at 2,007 (21 SMA) and 2,026 (200 EMA).
On February 13, the eagle indicator reached the extremely oversold zone. Since then, it has been given a positive signal, but we should expect gold to gain momentum. Meanwhile, we could look for opportunities to buy above 1,990 or above the psychological level of $2,000.
*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.
