Gold can break resistance line of wedge and continue to rise
Hello traders, I want share with you my opinion about Gold. Watching the chart, we can see how Gold, after retesting the seller zone 1800-1815, began an upward movement and broke through the level 1915. After a small correction, the price continued to rise, made several fake breakouts of the resistance level 1975, and after a while break it and continued to move. Gold formed the resistance area 2040-2050, from which it decreased. Over time, the price has created a downward wedge and has been trading inside for some time. After reaching the support line of wedge, which coincide with the support level 1975, Gold rose and retested the resistance line. We can see the price bounced from resistance line, drop to support level and retest it. The price is currently trading above 1975 level, can continue to rise and break through the resistance line of wedge. I think that after a possible exit from the wedge, Gold can continue upward. In this case, I decided to set the targets for Gold at level 2000, which coincide with the resistance line of wedge, and in the zone 2040-2050. Please share this idea with your friends and click Boost 🚀
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.