Gold is trades inside wedge and can fall to support line
Hello traders, I want share with you my opinion about Gold. When we observe the chart, we can see how the price after the resistance level 1985 retest, bounced and began to fall. Gold continued to decline and formed a support area 1936-1934, from which it further bounces back and began to rise. Subsequently, the price made a deep correction and make a fake breakout in the support area and continued to grow. Over time, Gold created an upward wedge and is now traded in the within. The price retested the support line, continued to move up and made a fake breakout resistance line of wedge, immediately turned back and went down. Gold recently make a small upward correction, retested the resistance line of wedge, and continued to decline. Currently, the price is trading below the resistance line and can continue to decline. I think Gold can reach the support line of wedge. In this case, I decided to set the targets at level 1975 and at the level 1968, which coincide with the support line. 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.