RLinda ! GOLD-> Consolidation. Shakedown. Readiness for growth
Updated
Gold is still in a consolidation phase. Yesterday the price broke through resistance and then support, taking everyone by surprise. What's next?
The price shakeout determines the point in time when the market completes its energy set. After the second shakeout, when unnecessary speculators have been removed from the market, gold breaks through the 1880 zone, after which a pullback is formed for possible consolidation and volume buying by strong players at a lower price. Gold is tentatively set up for continued gains if the bulls can hold in the 1800 zone.
I expect gold to continue its upside, the key zone being 1880. The short-term target in our case is the resistance of 1890, the medium-term target is the resistance of the ascending channel.
Regards, R. Linda!
The price shakeout determines the point in time when the market completes its energy set. After the second shakeout, when unnecessary speculators have been removed from the market, gold breaks through the 1880 zone, after which a pullback is formed for possible consolidation and volume buying by strong players at a lower price. Gold is tentatively set up for continued gains if the bulls can hold in the 1800 zone.
I expect gold to continue its upside, the key zone being 1880. The short-term target in our case is the resistance of 1890, the medium-term target is the resistance of the ascending channel.
Regards, R. Linda!
Trade closed: target reached
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