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!
Today, the focus of the markets is the publication of data on the number of new jobs for March in the US economy. The labor market is expected to create 212,000 new jobs in March following 275,000 in February. Unemployment could have remained at the same level of 3.9%.
Of course, the dynamics of the gold price depends not only on the growth or depreciation of the US dollar, but also on geopolitical tensions in the world. From a technical point of view, the yellow metal is currently overbought. Even though the nonfarm payrolls show employment growth, this may still stimulate higher prices. Only an unexpected decline can lead to a local weakening of the gold price.
Technical picture and trading idea
At present, the price is above the middle line of the Bollinger Bands, above the SMA 5, but below the SMA 14. The RSI is above the 50% level and growing. Stochastic crosses are generating a buy signal.
A breakout of the support level at 2,265.70 strengthens the downtrend, which may lead to a corrective fall in price to 2,237.00. Only the weakening of the US dollar on the back of geopolitical tensions will be able to push the gold price to the level of 2,320.00.
*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.