RLinda ! GOLD-> False breakdown of key resistance
Updated
Gold reached the important level of 1807.96 and drew a doji bar on the 1-hour timeframe. If the price decides to continue rising, I assume it will happen after a local consolidation above the 1807.96 level.
The price is in a strong uptrend. The whole previous week was developing in the format of distributive movement, the price reached a strong resistance and consolidation of energy is needed for further growth, so I believe that the price can go down to important liquidity levels in the near future
My guess is that if price can consolidate below the 1807.96 level, there is a chance of a decline to 1786, and with lesser probability to 1765. But if the bulls can consolidate above the level of 1807.96 after the retest, then the potential for growth to 1822.47 will open.
Regards to R.Linda!
The price is in a strong uptrend. The whole previous week was developing in the format of distributive movement, the price reached a strong resistance and consolidation of energy is needed for further growth, so I believe that the price can go down to important liquidity levels in the near future
My guess is that if price can consolidate below the 1807.96 level, there is a chance of a decline to 1786, and with lesser probability to 1765. But if the bulls can consolidate above the level of 1807.96 after the retest, then the potential for growth to 1822.47 will open.
Regards to R.Linda!
Trade active
Gold is now below $1795Note
Gold is now below $1773. Presumably, the price aims at $1765Note
Gold has almost reached the support zone and the important 1765 level.Theoretically, a pullback is possible, but practically...
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