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Early in the American session, gold was trading around 2,627 making a technical correction after having reached the top of the downtrend channel and now we are seeing a technical bounce.
A technical bounce is likely to occur up to the 2,640 area. If gold bounces above the bottom of the downtrend channel, we can expect it to reach 2,642. This area represents strong resistance as it coincides with the 200 EMA and could act as a strong top.
On the other hand, in case gold breaks and consolidates above the downtrend channel and above the 200 EMA, we could expect a further bullish movement. Therefore, the metal could reach 2,656, 2,695 and even 2,734.
A drop below 2,640 could accelerate the bearish movement of gold and the price could reach the psychological level of 2,600 which coincides with the bottom of the bullish trend channel forming since the beginning of November. The metal could even cover the gap left at 2,562. Finally, it could reach 1/8 of Murray located at 2,539.
The level to pay attention to is the area of 2,640. Above this, the outlook will be positive. In contrast, once below this level, we could expect gold to continue losing value.
*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।
