RLinda ! GOLD-> Overview of the local situation
GOLD in a technical pullback format after breaking the descending channel and reaching resistance 1728.5 falls to the support of the local range 1660.
Gold trades in a range between 1688.9 and 1660.4 and I suspect that the price may move in a consolidation for some time.
What do you want to see next?
1) Long scenario: The gold is in the risk zone, because the price channel was broken earlier, but there was no confirmation of the trend change, but there might be a potential to break the resistance at 1688. In that case our target will be the liquidity zone of 1728.3
2) Short scenario: we have a strong bearish trend on the global chart, the price updates the global lows and the movement after testing resistance 1728 coincides with the direction of the pullback. The price can go down from consolidation under sellers' pressure. In that case, the support area of 1628 will be the target.
Regards R.Linda!
Gold trades in a range between 1688.9 and 1660.4 and I suspect that the price may move in a consolidation for some time.
What do you want to see next?
1) Long scenario: The gold is in the risk zone, because the price channel was broken earlier, but there was no confirmation of the trend change, but there might be a potential to break the resistance at 1688. In that case our target will be the liquidity zone of 1728.3
2) Short scenario: we have a strong bearish trend on the global chart, the price updates the global lows and the movement after testing resistance 1728 coincides with the direction of the pullback. The price can go down from consolidation under sellers' pressure. In that case, the support area of 1628 will be the target.
Regards R.Linda!
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