GOLD ! What to expect from the price after testing the support🤔
Gold is trading within a sideways range of 1809.4 - 1765. The price continues to correct to the support zone.
Earlier the price was able to break the global downtrend and we saw a strong move up to 1809 resistance.
At the moment the price has moved into a consolidation phase. There is a support level ahead of the price, I believe it is an important boundary for further price reaction.
I assume, since we have a local uptrend, the support levels are more important points for reversal. I think a pullback will follow from the level of 1765.7. The short-term target is resistance 1784.5, the medium-term target is resistance 1809.4.
Regards R.Linda!
Earlier the price was able to break the global downtrend and we saw a strong move up to 1809 resistance.
At the moment the price has moved into a consolidation phase. There is a support level ahead of the price, I believe it is an important boundary for further price reaction.
I assume, since we have a local uptrend, the support levels are more important points for reversal. I think a pullback will follow from the level of 1765.7. The short-term target is resistance 1784.5, the medium-term target is resistance 1809.4.
Regards R.Linda!
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