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The price of gold climbed as much as 1,879 today where it has found strong supply. Now, it has turned to the downside as the Dollar Index rallied. USD's appreciation versus its rivals could force the yellow metal to approach and reach new lows.
Fundamentally, the USD reported mixed data today. The Revised UoM Consumer Sentiment came in at 68.1 points above 67.7 expected, Chicago PMI came in worse than expected at 44.1 points versus 47.5 points , while Core PCE Price Index reported only a 0.1% growth versus the 0.2% growth estimated.
Technically, XAU/USD jumped above the downtrend line and reached the 1,879 static resistance. It has turned to the downside after registering only a false breakout with great separation above the S3 (1,876).
Now, it is challenging the downtrend line again. This represents dynamic support, while the 1,857 stands as a static obstacle.
A bearish closure below 1,857 activates more declines and brings new selling opportunities. Only false breakdowns below the immediate support levels may announce a new bullish momentum.
*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।
