Gold can break resistance level and continue to move up
Hello traders, I want share with you my opinion about Gold. When observing the chart, we can see how Gold retested the buyer area 1945-1935 and continued to grow. The price broke through the resistance level 1985, increased and, after a downward correction and retesting of the current support level, continued to move. Higher Gold formed the resistance area 2045-2055, from which it decreased. For a long time, the price traded below the resistance area, then formed an upward impulse, continued to rise and make a fake breakout of this area. Dropping which the resistance area, the price make an upward correction, retested it, and continued downward move. Gold subsequently broke through the level 1985 and fell into the buyer zone. After retesting the buyer zone, the price began to rise and approached the resistance level 1985, but never tested it and began to decline. Gold reached a support line which coincide the buyer zone, retested it several times, and continued upward. Thus, the price formed a double bottom pattern. We see the price continues to rise and forms a single-candle figure of YO-SEN, telling us that the price can continue to rise. I think the price can continue to rise and break through the resistance level. In this case, I decided to set the targets at level 1985 and at level 2010. Please share this idea with your friends and click Boost 🚀
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.