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 (XAU/USD) is having a solid attempt at recovery but has been rejected at the 1,800 level for the fourth time in two weeks. Tuesday's move saw the commodity correct back towards its key support. Part of this move lower is attributed to US Treasury Secretary Janet Yellen's comments about the possibility of rising interest rates in the long term to avoid an overheating economy.
XAU/USD had already bounced off the area surrounding 1,800 and was heading lower before Yellen's speech, after which the selloff intensified. Given the lack of a move in bond yields, one could argue what really moved markets in yesterday's session.
Regardless of the effect of her words, there is strong confirmation that 1,800 continues to be a tough area of resistance for buyers to break. The sideways consolidation seen in the past two weeks could either see buyers gathering momentum to attempt another break higher, or it could be weakening the ability to break above this key resistance, with another possible turn lower.
If XAU/USD is able to close above 1,800 then there is likely to be strong momentum to get the commodity towards 1,850. Along the way, there is likely to be some strong resistance, with the 38.2% Fibonacci (1,827) being a good candidate. A break above 1,831-45 would put XAU/USD back above the ascending trendline from the March 2021 lows, which would likely consolidate bullish momentum further.
If unable to break its key resistance, we could see gold drifting lower again, towards key support at 1,765-55.
*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।
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