🥇 GOLD The correction could end at 2010 Will the rise continue?
Gold is forming a technical pullback or correction phase. Presumably, the pullback can be completed in the area of 2010. Price is forming. A breakout of the 2020-2025 area may confirm the beginning of the formation of the fifth wave
TA on the high timeframe:
1) The trend is still bullish
2) The price is in its highs and respects the boundaries of strong support levels
TA on a low timeframe:
1) Correction within the 4th Elliott wave is testing support 2009.85.
2) False breakout of support is formed and the price heads towards range resistance
3) Gold is in the sideways range of 2020-2009.
4) In the near future we will expect a breakthrough of resistance and further growth in the framework of the 5th Elliott wave
5) Local trend is bullish
Key support 2009
Key resistance 2020-2025
The price may return from resistance to support for a retest. Consolidation above the 2009 level would be a good entry point, as would a breakout of the resistance area
TA on the high timeframe:
1) The trend is still bullish
2) The price is in its highs and respects the boundaries of strong support levels
TA on a low timeframe:
1) Correction within the 4th Elliott wave is testing support 2009.85.
2) False breakout of support is formed and the price heads towards range resistance
3) Gold is in the sideways range of 2020-2009.
4) In the near future we will expect a breakthrough of resistance and further growth in the framework of the 5th Elliott wave
5) Local trend is bullish
Key support 2009
Key resistance 2020-2025
The price may return from resistance to support for a retest. Consolidation above the 2009 level would be a good entry point, as would a breakout of the resistance area
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