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Gold is trading around 2,026.22 with a sharp drop below the 21 SMA and 200 EMA. Both moving averages are located at the same level of 2,030. This strong technical correction in gold could mean that a strong bearish acceleration could occur in the next few days, but first, the instrument should face the support located at 2,020.
In case gold bounces around 2,020, it could offer an opportunity to buy and its price could reach 2,030 and 2,037. These levels have now become strong resistance. Below this level, the bearish cycle is likely to resume and gold could reach 4/8 Murray around $2,000 in the next few days.
If gold continues to fall in the next hours, we should wait for the 2,020 area to buy only in case the metal trades above this zone. Then, we anticipate a technical rebound with targets at 2,030 and 2036 (daily pivot point).
On the other hand, in case gold breaks below the 2,019 low, a bearish acceleration could occur and the price could reach the February 5 low around 2,015 and even $2,000.
Plotting the Fibonacci indicator, we observe that the gold retraced to 61.8% at 2,045 and from there resumed its fall, which indicates that the XAU could continue its slide in the next few days.
*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।
