Long

GOLD → Correction may continue ↓ before further growth ↑

Updated

continues to form the phase of correction. The price stops in the zone of 0.236 fibo, but the candlestick setup on D1 is forming multidigit. The struggle between buyers and sellers for 2285 continues.

Last week was fundamentally rich, but the market reaction is weak, sellers are actively selling out any buying activity. A pre-breakdown setup is forming around 2285, and if it is not broken, the correction will extend to 2222 (2195). The signal to the continuation of the fall will be the fixing of the price below 2285. But, with active participation of buyers, which may be caused by fundamental and geopolitical reasons, the market may break the structure: Break of resistance and price consolidation above 2320-2325. This will mean the end of correction with further continuation of growth and formation of the fifth wave, the target of which could be the area of 2450-2550.

Resistance levels: 2320 - 2325, 2350.
Support levels: 2305, 2295, 2285

The global trend is bullish, the local trend is bearish (correction). Take this into account when trading! It is necessary to wait for price confirmation, which will mean either the continuation of the correction or its end. Only then you can take some measures to open orders in one or the other direction

Regards R. Linda!

Note

A gradual squeeze to a level and a decrease in volatility can be a sign of a breakdown

Trade active

Since the opening of the session, the price has been strengthening to 2320

Trade active

RLinda

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