RLinda ! GOLD-> consolidation after the fall. What's next?
Updated
Gold updated to a high of 1810 and then the price went into a retracement phase, which fell to the key level of 1765 and reached the 0.5 Fibonacci level, what to expect from that?
We have an upward price channel and a strong uptrend on the back of loosening tight fundamentals. The price stops its correction at the 0.5 Fibonacci level and moves into consolidation between the 1768 and 1778 level. This can be interpreted multifacetedly, as a set of energy to buy and a consolidation to continue falling. An important nuance will be a price exit from the consolidation.
A break-up of the resistance 1778 and its fixation above this level will send the price up to 1807.
However, a breakdown of 1768, 1765 and a breakdown of the price channel support will open a potential for the price fall to 1729.5.
Regards to R. Linda!
We have an upward price channel and a strong uptrend on the back of loosening tight fundamentals. The price stops its correction at the 0.5 Fibonacci level and moves into consolidation between the 1768 and 1778 level. This can be interpreted multifacetedly, as a set of energy to buy and a consolidation to continue falling. An important nuance will be a price exit from the consolidation.
A break-up of the resistance 1778 and its fixation above this level will send the price up to 1807.
However, a breakdown of 1768, 1765 and a breakdown of the price channel support will open a potential for the price fall to 1729.5.
Regards to R. Linda!
Note
The resistance to consolidation is broken. The price is trying to recover. The potential for growth to 1807 is openNote
Gold is testing the upper boundary of the local consolidation after a breakdown. After the price fixation above the level of 1778, growth is possible
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GOLD $1790 in moment
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