GOLD continued GROWTH after FIX on the SUPPORT line
As I said yesterday, the price continues to rise after fixing at the support line 1685.17, which occurred at the end of March.
This move is part of a long-term falling channel that formed last August at 2069.81, as investors began to sell gold en masse.
Falling in the channel, the price came to the strong support point 1675.65. Where the channel line and the July 2019 support line intersect. The price jumped from this point, but failed to rise to the resistance trend line and fell back to the support at 1685.17.
Since the price has already started to rise from this line, I expect it to continue to rise and first come to the resistance line of 1765.00. And then it will drop to support 1701.50. This will be our goal.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
This move is part of a long-term falling channel that formed last August at 2069.81, as investors began to sell gold en masse.
Falling in the channel, the price came to the strong support point 1675.65. Where the channel line and the July 2019 support line intersect. The price jumped from this point, but failed to rise to the resistance trend line and fell back to the support at 1685.17.
Since the price has already started to rise from this line, I expect it to continue to rise and first come to the resistance line of 1765.00. And then it will drop to support 1701.50. This will be our goal.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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