Gold can rebound up from support line and exit from pennant

29 באפר׳

Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price declined to the support level, which coincided with the buyer zone, and at once rebounded and made a strong upward impulse to the resistance level. Soon, Gold broke this level, which coincided with the seller zone and rose a little more, after which it turned around and in a short time declined lower the 2400 level, breaking it again. Next, the price started to rise inside the upward channel, where some time later XAU reached the resistance level and broke it one more time. But, after this, the price at once turned around and made a strong downward impulse to 2290 points, thereby breaking 2400 with 2320 levels and exiting from the channel. After this movement, Gold started to trades in a downward pennant, where it rebounded from the support line and rose to the buyer zone, where it some time traded and soon broke the support level, making a fake breakout. Then Gold reached the resistance line, but recently rebounded and started to decline. So, at the moment, I think Gold can fall to the support line and then rebound up, a higher resistance line, thereby exiting from the downward pennant and continuing to move up. For this case, I set my target at 2365 points. Please share this idea with your friends and click Boost 🚀