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 $4,005 within the downtrend channel that has formed since early July and below the 21-day SMA, showing some downward pressure; therefore, we believe it could continue to fall in the coming hours if the price consolidates below $4,030.
The target for the coming days is bearish, and gold is expected to reach a low of $3,950 and could eventually reach 1/8 of Murray at around $3,906.
Conversely, a decisive break above the downtrend channel and consolidation above $4,030 could signal a positive outlook for gold, and we could expect it to reach the 2/8 Murray level around $4,062 and eventually reach the 200 EMA around $4,164.
Given that gold is trading below the 21 SMA and below the downtrend channel, a pullback toward $4,030 is possible. If it falls below this zone, the downtrend could resume, and we anticipate a downward move toward $3,906 in the coming days.
We must remain vigilant regarding the $4,062 zone, where the 2/8 Murray level is located; above this zone, the outlook could be positive for gold, with the potential to reach $4,164 and ultimately the 3/8 Murray level at $4,218.
The Eagle indicator is showing a positive divergence. However, we must be cautious, as the market is moving in the opposite direction and is under downward pressure, so we could expect the downtrend to resume in the coming 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.
