RLinda ! GOLD-> Price is headed for support. What's next?
Updated
Gold continues to form a correction. After a strong and confident growth, the price moves into a consolidation phase. From the resistance of 1807, the price is heading towards the support of 1765.
There is a strong support zone on the chart (includes the support level, the lower boundary of the price channel, the lower boundary of consolidation). Price meets resistance in the form of MA-50, which is a signal of a possible price decline.
I assume that the price may reach the support in the near future, and it is worth paying attention to the price reaction to this zone. After that I will look for a set-up to open long positions.
Short-term target - resistance of the range of 1807
Trend target - resistance of the 1858 range.
Regards R. Linda!
There is a strong support zone on the chart (includes the support level, the lower boundary of the price channel, the lower boundary of consolidation). Price meets resistance in the form of MA-50, which is a signal of a possible price decline.
I assume that the price may reach the support in the near future, and it is worth paying attention to the price reaction to this zone. After that I will look for a set-up to open long positions.
Short-term target - resistance of the range of 1807
Trend target - resistance of the 1858 range.
Regards R. Linda!
Note
Gold now +1810
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