Gold can make downward impulse from resistance line of wedge
Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a few moments ago rebounded from the support line and started to grow near this line. Soon, the price reached the 2290 support level, which coincided with buyer zone, and soon broke this level, after which made retest and continued to grow. In a short time later Gold reached a 2380 resistance level, which coincided with the seller zone and even rose higher than this level, but soon declined back, making a fake breakout. But soon, the price backed up to the seller zone, where it some time traded inside, after which turned around and started to decline in the downward wedge. In a wedge, Gold broke the 2380 level at once and soon support line, after which declined to support line of this pattern. Then XAU bounced up from the support line and tried to rise, but failed and declined back, after which rebounded up again. At the moment, Gold trades near the resistance line of the wedge, and I think XAU can rebound down from the resistance line and decline to the support line of the wedge, breaking the support level. After this move, Gold will break the support line and continue to fall, therefore I set my target at 2250 points. Please share this idea with your friends and click Boost 🚀
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