Gold can exit from downward wedge and then continue to rise

24 mar

Hello traders, I want share with you my opinion about Gold. If we look at the chart, we can see how the price some time ago entered to upward wedge, where firstly it rebounded from the support line and made a strong upward impulse to the resistance level, which coincided with the seller zone, thereby breaking the 2150 support level. After this movement, Gold turned around and started to decline to the support area, where later it bounced and started to rise. A short time later price exited from the upward wedge and rose to the 2195 resistance level, and soon Gold broke this level and even rose higher than the seller zone. But later price turned around and started to decline in a downward wedge, in which the price broke the resistance level one more time and in a short time declined to support line of the wedge. Also recently price rebounded from this line and started to rise to the resistance line. So, I think Gold can reach the resistance line, after which it rebounds down to the support line and then makes an upward impulse, thereby exiting from the downward wedge. For this reason, I set my target at the 2180 level. Please share this idea with your friends and click Boost 🚀