Gold can break support line, make retest, and decline to 2025
Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price some days ago broke the support level, which coincided with the buyer zone, and in a short time declined to 1935 points. After this movement, the price started to rise in the upward channel, where it rose to the 1980 support level, broke it again, and continued to rise to the resistance line of the channel. Then XAU exited from the channel and even rose to the seller zone, but soon made a downward impulse to the support level, which coincided with the support line, thereby making a fake breakout of the 2080 resistance level. After this, the price rebounded from the support level and started to rise near the support line to the resistance level. When XAU reached the 2080 level, it made a fake breakout again and soon declined to support line, where it continues to trades to this days. In my mind, Gold can break the support line and at once make a retest, after which it will continue to decline lower, therefore I set my target at the 2025 level. Please share this idea with your friends and click Boost 🚀
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.