RLinda ! GOLD-> Retest of strong support. What to expect next?
Updated
Gold is returning to the formal price channel and testing a strong support line that starts back in 2022. At the moment the price is squeezed in the 1948-1929 range, what next?
The price is in a strong uptrend and the technical pullback we are seeing is a common occurrence. After the strong growth the price can stay in the consolidation format for quite a long time. Locally, I believe that we have a chance to see the price recovery to the area of 1980, while the price is within the ascending range.
I expect that from the level of 1948, the price can go down to 1929 for a final retest, but in the medium term, the rise can continue to 1980 - 2000.
BUT, if the price will break up 1948 and consolidate above the level, but the growth will happen much faster.
Regards to R. Linda!
The price is in a strong uptrend and the technical pullback we are seeing is a common occurrence. After the strong growth the price can stay in the consolidation format for quite a long time. Locally, I believe that we have a chance to see the price recovery to the area of 1980, while the price is within the ascending range.
I expect that from the level of 1948, the price can go down to 1929 for a final retest, but in the medium term, the rise can continue to 1980 - 2000.
BUT, if the price will break up 1948 and consolidate above the level, but the growth will happen much faster.
Regards to R. Linda!
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