LegionQ8

Gold can continue to decline, after strong impulse up

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. A not long time ago price started to decline in a downward channel, where it first reached the resistance line and then rebounded down to the buyer zone, which coincided with the 2160 support level. After this, the price bounced up from this area to the resistance line of the channel, but in a short time, Gold declined back and even lower, breaking the support level one more time. After this, the price some time traded in the buyer zone, after which the price made an upward impulse to the current support level, thereby breaking the 2160 level and exiting from the downward channel. After this movement, Gold turned around and started to trades in a triangle, where the price fell to support line, after which rebounded and started to rise to the resistance line of the triangle. When the price reached this line, it exited from the triangle and soon reached the current support level again. After this, the price broke this level and made impulse up to 2265 points, but recently it turned around and started to decline. So, in my opinion, Gold can continue to decline to the 2210 support level, therefore I set my target at this level. Please share this idea with your friends and click Boost 🚀

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