GOLD → Technical pullback and retest of up-trend support

Gold forms an upward price channel in the average range of 800 points. During a technical pullback and correction, the price retests the support area. What's next?

תמונת-בזק

Gold is approaching the lower boundary of the upward price channel. The trend is bullish and the support area is quite strong, hence, we have quite high chances for a rebound and possible continuation of the price growth along the trend.
The SMA-50 on the 4-hour timeframe acts as resistance, while the price is approaching the SMA-200, which is currently playing the role of support.
Two scenarios are possible from the support level. We will need to wait for a confirmation on the chart for each one, as a breakout of support can be either true or false.
In a true break-down the price can go down to the level of 1976.67.

Strong support: the ascending price channel, 1997, 1988, 1976.
Strong resistance: 2019, 2020, 2032

I think uptrend support is capable of stopping and reversing the price. There is no news today that could globally affect the price, so I will stick with this scenario.

Regards, R. Linda!
Chart PatternsForexfuturesGC1! (Gold Futures)GoldTechnical IndicatorsrlindasignalsTrend AnalysisXAUUSD

🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com
גם על:

פרסומים קשורים

כתב ויתור