RLinda ! GOLD-> False breakdown of the critical zone

4 ott 2022

GOLD is forming a false breakdown of support 1676. On the higher chart this is the most important support zone, which the price could not break through before and reacted very strongly (huge volume spikes and strong impulses all the way to the global highs).

From the point of view of technical analysis, we see a small pullback from the resistance at 1700, a retest and a break-up with a strong impulse, which tells us that there are investors willing to buy and to raise the price on the market.

The potential of the price for growth is huge, the price returned to the range boundaries and trades between the strong levels of 2050-1676. It is worth paying attention in the coming weeks or a month to the price reaction after the false breakdown. I expect the price to consolidate above the important levels and continue growth. Short-term target - resistance 1740, medium-term target - resistance 1765.

Regards R.Linda!