GOLD → False breakdown of 0.618 and a strong recovery
Updated
Gold is in a wide upward price channel. Yesterday's correction spooked many, but gold was moving purposefully toward the channel support. What's next?
It retested the support of the bullish trend and made a false-break of the Fibo level at 0.618, which is a strong enough support.
From the opening of the session we see a confident growth and the price enters a bullish zone regarding the Fibo level of 0.5 and a strong level of 2000.
Consolidation of the price above this level will determine the further potential - growth to the strong upward resistance line (to the area of 2020).
A pullback is possible from the resistance. The zone in which the price is located is quite complex.
Strong support level: 2000 (false breakdown), 1995
Strong resistance level: 2010 (breakdown) 2020-2025, 2030.
I expect a slight rise from the level of 2000 towards the resistance zone 2020-2025. If the area is broken through, the growth will continue to 2050. If the price rebounds, it will form a retest to 2000.
Regards R.Linda!
It retested the support of the bullish trend and made a false-break of the Fibo level at 0.618, which is a strong enough support.
From the opening of the session we see a confident growth and the price enters a bullish zone regarding the Fibo level of 0.5 and a strong level of 2000.
Consolidation of the price above this level will determine the further potential - growth to the strong upward resistance line (to the area of 2020).
A pullback is possible from the resistance. The zone in which the price is located is quite complex.
Strong support level: 2000 (false breakdown), 1995
Strong resistance level: 2010 (breakdown) 2020-2025, 2030.
I expect a slight rise from the level of 2000 towards the resistance zone 2020-2025. If the area is broken through, the growth will continue to 2050. If the price rebounds, it will form a retest to 2000.
Regards R.Linda!
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