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 $4,028, near the 61.8% Fibonacci retracement level drawn from the low of $3,965 to the high of $4,165. We could expect gold to consolidate above the solid support level of $4,020 in the coming hours. This support level has already acted as a solid support zone on July 8, 14, and 19, so we believe it could halt gold's decline, allowing it to rebound or resume its uptrend.
Gold has recorded a series of consecutive declines since reaching a high around $4,165; this level acts as strong resistance. At the same time, gold managed to close the gap from July 9, when it surpassed $4,121.
If the downward pressure persists, gold is likely to reach $4,010 in the coming hours, which represents the first daily support level (S_1). If XAU breaks below this zone, it could be expected to reach $3,985 near the second daily support level. This zone could also be considered a solid support level for gold; hence, a technical bounce around this zone is realistic.
Although there is still no clear signal to open long positions, we should wait for gold to consolidate above the 61.8% retracement level, around $4,035. Above this zone, a buying opportunity could be considered, with targets at the 38.2% level, which also coincides with the 21-day simple moving average (SMA), around $4,082.
If gold breaks above $4,080 and consolidates above this zone, the outlook could be positive, and we could expect it to return to the 200 EMA around $4,148 in the coming days.
*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.
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