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The price of gold retreated a little in the short term but the bias remains bullish. You already know from yesterday's analysis that XAU/USD could test and retest the immediate support levels before resuming its growth. After its strong rally, a retreat was natural.
Fundamentally, the BOJ left its monetary policy unchanged in the October meeting as expected. Later, the US Employment Cost Index may report a 1.0% growth, CB Consumer Confidence could drop from 103.0 to 100.5, while Chicago PMI is expected at 45.4 points above 44.1 in the previous reporting period.
From the technical point of view, XAU/USD developed a minor down channel (flag formation). This could represent an upside continuation pattern.
You knew from yesterday's analysis that the bias remains bullish as long as it stays above the uptrend line and above 1,987.
A valid breakout above the minor downtrend line (flag's resistance) confirms that the retreat is over and that the buyers could take it higher again. This is seen as a buying opportunity.
*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।
