Important support level for gold
The price is currently in a descending channel, it has broken the channel once with an unsuccessful break from the bottom and returned to the channel again.
It is currently on an important support level and it can be expected to rise and hit the ceiling of the descending channel.
If this level is broken, the movement continues with the descending channel.
Suggestion:
1. You can now buy and stop below the horizontal support level
2. If this level is broken, you can take a sell position until the bottom of the descending channel
3. If the roof of the channel is broken, first consolidation should be seen, then a strong rise
It is currently on an important support level and it can be expected to rise and hit the ceiling of the descending channel.
If this level is broken, the movement continues with the descending channel.
Suggestion:
1. You can now buy and stop below the horizontal support level
2. If this level is broken, you can take a sell position until the bottom of the descending channel
3. If the roof of the channel is broken, first consolidation should be seen, then a strong rise
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.