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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From a technical perspective, the outlook remains unchanged, with XAU/USD continuing to trade within its established range below the 200-day Simple Moving Average (SMA). The recent decline can still be characterized as a bearish consolidation, suggesting that the path of least resistance for gold remains to the downside.
Technical oscillators remain in negative territory, confirming that bearish momentum continues to dominate the market. Therefore, any upward movement is likely to encounter difficulty in establishing a foothold above the $4,100 level.
The next key resistance level is located just above $4,200. A breakout above this level could pave the way for a move toward the 200-day Exponential Moving Average (EMA) and the 200-day SMA, both situated in the $4,500 level. Bulls will need to overcome this significant technical barrier to weaken the prevailing bearish sentiment and create scope for further gains.
On the other hand, immediate support is located at the psychologically important $4,000 level, followed by the $3,990 level, where buyers previously showed strong interest. A decline below this level would be interpreted by traders as a signal for further downside, leaving XAU/USD vulnerable to a deeper decline.
*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.
