RLinda ! GOLD-> What to expect from the 1825-1830 area?

16 feb 2023

Gold continues to decline to the higher density zone. Against the backdrop of a strong rise, the price needed to form a counter-trend movement in terms of liquidity formation. Globally, we can assume that the price is heading towards 1830-1790.

On the chart the price is trading within the boundaries of the local channel. Yesterday the price failed to break through the support and after the pullback the price will return to testing the 1830-1825 area.
Locally, there is a potential of a pullback from this area to the resistance of 1848 or a counterattack on MA-50 (200). Earlier the price reacted rather violently to this support zone.

I expect a possible bounce from 1830(1825). It is worth to strictly calculate the risks for counter-trend movement. The short-term target is 1840 and 1848.

Regards to R. Linda!

16 feb 2023

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