GOLD → Yesterday's daily candlestick indicates further growth
Updated
Gold is testing 2025. The price is strengthening amid a decline in the dollar index, which is testing global lows.
The metal is forming local resistance, but how will it affect the price?
As we saw yesterday, the price acted on the scenario and by the end of the trading day, the futures were testing the 2025 area. Ahead of that is 2050 and 2070, the main resistance.
On the 1-hour chart, the price is forming a resistance at 2025, there is a long consolidation near that level, but most importantly, there is no deep pullback. All this tells us that the growth will continue.
Strong resistance: 2025 (break-up strategy), 2040, 2050 and 2070
Strong support: 2010, 2000 (possible retest before further growth)
I expect the growth to continue in the near future. A strong resistance level of 2025 could be a trigger for growth. Target is 2050 and 2070.
Regards R.Linda!
The metal is forming local resistance, but how will it affect the price?
As we saw yesterday, the price acted on the scenario and by the end of the trading day, the futures were testing the 2025 area. Ahead of that is 2050 and 2070, the main resistance.
On the 1-hour chart, the price is forming a resistance at 2025, there is a long consolidation near that level, but most importantly, there is no deep pullback. All this tells us that the growth will continue.
Strong resistance: 2025 (break-up strategy), 2040, 2050 and 2070
Strong support: 2010, 2000 (possible retest before further growth)
I expect the growth to continue in the near future. A strong resistance level of 2025 could be a trigger for growth. Target is 2050 and 2070.
Regards R.Linda!
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