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 $5,393, up +1/8 Murray and within the uptrend channel formed since February 17 with a bullish bias.
On the H4 chart, we can see that gold attempted to break through the strong resistance of the upper band of the uptrend channel around $5,420 during the European session.
According to the H4 chart, gold is showing signs of exhaustion in its bullish momentum. The formation of Japanese candlesticks on the 4-hour chart suggests that a technical reversal could follow.
A decline could happen in the coming hours towards the +1/8 Murray located at $5,312. Gold could even reach the lower band of the uptrend channel, which, in turn, coincides with the 21 SMA located at $5,243.
Gold left a gap around $5,275, which means that if it falls below $5,300, we could expect it to cover this gap. Therefore, the instrument could resume its upward cycle.
The Eagle indicator has reached extremely overbought levels, so a technical correction towards $5,243 is expected in the coming days.
A sharp break below the uptrend channel and a consolidation below $5,240 could be seen as a clear signal to sell gold with targets at the psychological level of $5,000 and even at the 200 EMA around $4,960.
*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.
