Lingrid

GOLD pause at RESISTANCE line and resume FALL

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
At the end of last week, the price almost reached the resistance level of 1763.79, after which it bounced off and began to fall.

Yesterday we expected a continuation of the fall and so it happened. The price has not yet reached the set goal, but has definitely approached it.

Now the price is at the resistance line of 1735.55, let me remind you that it was at this line that the price stood for almost two weeks in March of this year. However, last time she pushed off and fell to the support level .
I expect the same thing to happen in this case. The price tried to break through this line and rise to the level of resistance, but eventually stopped. I expect it to start falling now and return to the support level . So my final target is support level 1679.67.


Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻

Comments

Yes, I think you are probably right, but just in case you are wrong I took a small long position after the double bottom ;)
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I just like your analysis...good work
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Lingrid alex.mbuguanjeri
@alex.mbuguanjeri, thank you)
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I never can seem to understand these charts it's always well above the resistance lines and doesn't come down or am I missing something?
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