GOLD → False breakdown will send the price to 2050

10 apr 2023

Gold reacts weakly to the news as the market was down on Friday. After a three-day weekend, the metal is testing a false break of the support of the key rising channel.

The trend remains uptrending and a breakdown of the channel support could be false as the price moves back into the range. To get an entry point into a long position, it is worth waiting for the price to consolidate either above channel support or above the 2000 level.
In the medium term, the growth towards 2070 remains relevant at the moment. But there is a high probability that the price may test the support of the wide upward channel and the support zone.

Strong support: the Fibo level of 0.5 1990 and the 2000 level.
Strong resistance: 2010, 2025.
I think if price makes a false break, the scenario will continue and price could reach the 2025, 2050 and 2070 area quite quickly.

Regards R. Linda!

10 apr 2023

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