GOLD bounces off SUPPORT zone and GROWTH
The price continues to fall after breaking through the strong resistance level 1800.37 at the end of February. This fall is part of the price movement in a large downtrend channel. The channel was formed back in August 2020 and since then the price has never been able to break the trend.
We have been expecting a new rise in the channel price all last week. No one doubts that growth will happen sooner or later. The main question is when? Now the price is close to the strong support zone 1652.53. This zone is where the support lines of 2016 and 2018 intersect! And I expect that the price will touch this zone and then bounce off it and start a new growth. Thus, my final target is the resistance line 1713.36.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
We have been expecting a new rise in the channel price all last week. No one doubts that growth will happen sooner or later. The main question is when? Now the price is close to the strong support zone 1652.53. This zone is where the support lines of 2016 and 2018 intersect! And I expect that the price will touch this zone and then bounce off it and start a new growth. Thus, my final target is the resistance line 1713.36.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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