GOLD → Retest of the area 2000. What to expect from the metal?

26 באפר׳ 2023

Gold is in a sideways range between 2000 and 1980. The bulls are not letting the price below support, keeping the current trend, but at the same time they continue to test resistance.

As we can see, the descending resistance line breaks after another retest. Consolidation of the price will form a support base above the level and allow the bulls to act more confidently in the market.
Below 1980 the price could not pass, forming a strong support base.
At the moment, the 1998-2002 zone is playing the key role. If the gold reacts bullishly to this area, the price will open up the potential for rallies to 2020 and 2050.

Strong support: 1988, 1995.
Strong resistance: 2000, 2010
Since gold gives us positive hints, we might start thinking of opening long positions, provided the bulls can take the area of 1998-2002 under their control.

Regards R.Linda!