LegionQ8

Gold can reach resistance level and then start to decline

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a not long time ago rebounded up from the seller zone and rose to 2088 points, after which it turned around and started to decline in a downward channel, where soon price declined to the 2060 level and broke it. Then Gold declined to the support line, after which it rose to the resistance line, where it turned around and in a short time fell back. Price declined to the support line, which coincided with the support level with the buyer zone and soon Gold rebounded and started to rise to the resistance line of the channel. When the price reached this line, XAU broke it, thereby exiting from the channel and rising to the resistance level, but then Gold entered to triangle, where it made a downward impulse from the resistance line to the support line, breaking the 2005 support level. After this movement, the price turned around and in a short time rose to the resistance line of the triangle, thereby breaking the 2005 support level one more time. At the moment, I think that Gold can exit from the triangle, rise to resistance level, and then start to decline. For this case, I set my target at the 2025 points. Please share this idea with your friends and click Boost 🚀

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