The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Early in the American session, gold is undergoing a strong technical correction after reaching a new high around 3,237.69 for now. Economic data from the United States will be released in a few hours. We believe a pullback to 3,231-3,237 could occur, and the yellow metal could even surpass its high.
The strong volatility in gold suggests caution and lower risk when trading. Technically, gold has not shown any technical correction so far.
Since the rebound on April 8th around 2,968, it has reached its current high around 3,237, indicating that a new bearish cycle could follow.
We could expect a strong technical correction toward the 8/8 Murray at 3,125 in the coming days. The metal could even reach the 21st SMA located at 3,089.
Technically, XAU/USD is overbought on the daily chart. A strong technical correction is highly probable in the coming hours or even next week. We could expect gold to return to 3,125 or even the psychological level of $3,000.
If gold breaks and consolidates above 3,235, we can expect it to continue rising to 3,245 (daily R_2) and eventually reach the strong resistance of the +2/8 Murray at 3,281, which could act as a barrier.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
