RLinda ! GOLD->What to expect from the price in the near future?
Updated
Gold is showing surprising confidence. The heavyweights are already starting to talk about a strong rally. What's going on in the lower time frame?
It's worth paying attention to such a nuance as the absence of a fall after testing the channel resistance. The price is in a strong consolidation between the support (rising dotted line) from December 20, 2022 and resistance 1876.
A break of one of the sides of this consolidation will determine the further direction. In our case, it is worth taking into account the trend direction to choose the trading direction.
I expect the price movement in the direction of the trend. On the chart there is an important target - resistance 1890, which is a liquidity zone, so I expect breakdown of 1876 and further growth to 1890 as a priority.
But if the support is broken, the price can form a technical pullback to 1850-1840.
Regards R.Linda!
It's worth paying attention to such a nuance as the absence of a fall after testing the channel resistance. The price is in a strong consolidation between the support (rising dotted line) from December 20, 2022 and resistance 1876.
A break of one of the sides of this consolidation will determine the further direction. In our case, it is worth taking into account the trend direction to choose the trading direction.
I expect the price movement in the direction of the trend. On the chart there is an important target - resistance 1890, which is a liquidity zone, so I expect breakdown of 1876 and further growth to 1890 as a priority.
But if the support is broken, the price can form a technical pullback to 1850-1840.
Regards R.Linda!
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A retest of resistance at 1876. A price consolidation above this level would send gold to 1890
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