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Early in the American session, gold (XAU/USD) is trading around 2,631 bouncing off of the 61.8% Fibonacci retracement zone.
The price of the metal is now above the 3/8 Murray but below the 200 EMA and 21 SMA which means that this technical bounce could be seen as a signal to resume selling if gold reaches the 4/8 Murray (2,656).
In the next few hours, we could look for opportunities to buy above 2,620 with targets at 2,635 and 2,656.
Gold has strong resistance at about 2,656 (4/8 Murray) since the 200 EMA converges in this area, so we could look for opportunities to sell below this area with the target at 2/8 Murray located at 2,578.
Last week, gold left a gap at about 2,562. It is still open so far which means that gold could fall to the 2,560 area in the medium term and could even reach 1/8 of Murray around 2,531.
Once settles above 2,660, a consolidation could mean a bullish advance of the gold price and it could again rebound to 2,695 and even 2,721.
*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।
