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Early in the American session, gold is trading around 5/8 of Murray at 2,693 within the uptrend channel forming since December 4 and above the 21 SMA and the 200 EMA.
On the H4 chart, we can see that during the European session yesterday, gold made a strong technical correction from 2,704 to 2,676. Since then, we see that it has recovered part of the losses. A further drop is likely to occur due to the US inflation data to be released in the next few hours.
In case a pullback occurs at 2,710 where the first daily resistance is located, it will be seen as an opportunity to sell gold, with targets at 2,695 and 2,676.
On the other hand, in case the price falls below 5/8 of Murray, the technical correction is likely to resume and the metal could reach 2,655.
A break below 61.8% could accelerate the fall of gold. Thus, we expect the instrument to reach 2,578 in the medium term.
Above 2,710 we see no obstacles. If gold wants to continue rising above this area, it is likely to reach 6/8 of Murray at 2,734. Our bearish strategy will be invalidated as long as gold consolidates above 2,710.
*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।
