Gold forms an interesting set-up. A false break of the key channel support puts the price back in an uptrend. What to expect from the price?
Earlier the price did very well at the Fibo level at 0.382, and this time it made a false-break-down of 0.236 and a strong reaction to the weak support, which tells us about the whole situation. It looks like gold is not going to fall.
The price returns to the channel and forms a consolidation above the support, which is a good signal for long positions.
With this maneuver the price opens a good bullish potential.
Support levels: 1980, 1975 and 1965
Resistance levels are 1985, 2000 and 2010
A consolidation above the level could be a good signal
In the near future, price may be headed for a retest of resistance 2000. Another test and the level may fail, in which case we may see bullish momentum. Short-term target is 2010, medium-term target is resistance 2050
Regards to R. Linda!
Earlier the price did very well at the Fibo level at 0.382, and this time it made a false-break-down of 0.236 and a strong reaction to the weak support, which tells us about the whole situation. It looks like gold is not going to fall.
The price returns to the channel and forms a consolidation above the support, which is a good signal for long positions.
With this maneuver the price opens a good bullish potential.
Support levels: 1980, 1975 and 1965
Resistance levels are 1985, 2000 and 2010
A consolidation above the level could be a good signal
In the near future, price may be headed for a retest of resistance 2000. Another test and the level may fail, in which case we may see bullish momentum. Short-term target is 2010, medium-term target is resistance 2050
Regards to R. Linda!
Trade active
Note
GOLD tests $2025Trade active
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.