GOLD fall to SUPPORT zone, reversal and GROWTH
After the jump in prices that we saw last week, the price of gold finally stopped.
First, it reversed from the resistance level.
Then she continued to fall, although she had not yet started a strong confident movement.
I want to remind you that the price has been in a downtrend since August 2020, when gold first jumped on the strength of a pandemic and then began to fall. This month's growth started from the strong resistance level of 1675.91. The price touched this level twice.
I perceive this rise as a correction to the main downtrend and expect it to end from the 1775.86 resistance zone. In this zone is the trendline of August 2020, as well as the resistance line of March 2018. I expect the price to fall, break through the level of 1763.79 and come to the support zone of 1706.90. And after that it will push off and grow again. So my target is the resistance level 1763.79
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
First, it reversed from the resistance level.
Then she continued to fall, although she had not yet started a strong confident movement.
I want to remind you that the price has been in a downtrend since August 2020, when gold first jumped on the strength of a pandemic and then began to fall. This month's growth started from the strong resistance level of 1675.91. The price touched this level twice.
I perceive this rise as a correction to the main downtrend and expect it to end from the 1775.86 resistance zone. In this zone is the trendline of August 2020, as well as the resistance line of March 2018. I expect the price to fall, break through the level of 1763.79 and come to the support zone of 1706.90. And after that it will push off and grow again. So my target is the resistance level 1763.79
Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩💻
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