Long

GOLD → The market is ready to continue to grow

Updated

is standing still on Thursday, which we were prepared for. The opens with a subsequent decline on Friday, which gives bullish hopes for GOLD to strengthen. Let's breakdown:

On the local timeframe, the prolonged consolidation is forming a symmetrical triangle, but as a strong support area is forming below the pattern and the price is consolidating above the key liquidity zones, the market may try to realize a bullish scenario. This will be facilitated by a break of the triangle resistance, in which case our target will be 2005 and 2010.
Also, due to the fact that the price did not test the liquidity area below 1993, 1984, we have a chance to start another correction before further growth.

On D1 gold is in a range and since support was tested earlier, resistance is still our prospect. The target is the upper boundary of the range - the area of 2010.

Key support: 1993-1992, 1990, 1984
Key resistance: 1998, 2005, 2010

I expect a break of the pattern resistance with further growth to these targets, but since a large liquidity area was formed below the support, the market may test this area before further growth.

Regards R. Linda!

Note

Our scenario in action :)
Gold is gaining ground above 1993.
After a long consolidation above the level a bullish potential is formed and on the background of micro-rally the price breaks 2000.
But it is too early to say that the price has passed the psychological level. A retest of the area is ahead of us

RLinda

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