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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The price of gold is traded at the $1,773 level and it could continue down towards the $1,744 static support. The breakdown through the 1,800 psychological level signals a further drop. Surprisingly or not, XAU/USD goes down even if the USD depreciates versus its rivals.
The outlook is bearish after dropping the $1,862 level, the corrective phase is expected to continue. Only a strong, major, reversal pattern, bullish signal, could really announce that the decline is over.
Gold is located far under the $1,800 former obstacle and it could hit the first warning line (WL1) of the descending pitchfork. The S1 ($1,748) and the $1,744 are seen as important targets as well.
A valid breakdown below all these downside obstacles will validate a larger drop, corrective phase, towards the $1,700, or even lower. Please be careful around these near-term support levels because a false breakdown with great separation or a major bullish engulfing could bring a larger upside momentum.
The aggressive breakdown through the 1,800 signaled further drop. Still, a broader corrective phase will be announced by a drop and stabilization under the $1,744 level. The S3 ($1,647) could be used as a downside target if the price will ignore the immediate support levels.
Also, a 1,800 retest followed by a strong drop could represent a short signal with the same targets.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
