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Gold remains on the back foot below $1,790 amid broad US dollar reboud. Market sentiment is getting sour as virus-linked news battles geopolitical fears, Fed rate hike concerns. Friday's US CPI becomes crucial as inflation expectations improve.
Despite bouncing off a seven-week-old horizontal area, gold stays beneath the 200-DMA, not to forget mentioning the previous support line from late September. The metal's failures to cross short-term key hurdles join bearish MACD signals and Wednesday's Doji candlesticks to keep sellers hopeful.
That said, the 61.8% Fibonacci retracement of September-November upside, near $1,780, precedes the $1,772 level to restrict short-term declines of gold prices.
Following that, multiple levels marked since October 18 challenge gold bears around $1,760-62.
On the flip side, the 200-SMA and the support-turned-resistance line, respectively around $1,792 and $1,798, join the 50.0% Fibo. level surrounding $1,800 to question the gold buyers.
During the quote's sustained run-up past $1,800, the $1,815 and $1,845 levels may offer intermediate halts before directing gold prices towards November's peak of $1,877.
*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।
