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Early in the American session, gold is trading around 2,499, reaching the psychological level of 2,500 and near the top of the downtrend channel forming since August 20. On the H1 chart, gold is trading above the 200 EMA and above the 21 SMA, which suggests that it could extend its rise in the coming hours, but now it is facing a resistance zone that could prevent the rise.
The FOMC minutes affected the strength of gold, which caused a sharp drop in gold from $2,519 to a low of $2,472. From this point, it resumed its bullish cycle.
We currently believe that the XAU could make another bearish correction in case the price fails to consolidate above 2,505.
If gold breaks and consolidates above 2,505, the outlook could be positive. So, it is expected to reach the first daily resistance of around 2,509 -2,511. Once these levels are surpassed, it could reach 2,531 and finally 2,539.
We should pay attention to the psychological level of $2,500. Below this area, the outlook will remain negative and we can sell with targets at 2,489 and 2,482 and finally, at 2,478. A technical rebound is expected around these levels.
*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।