GOLD first step - growth, second step - FALL

FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
In July last year, the price broke through the strong resistance line at 1823.11 during the growth, reached its local maximum of 2070.70 and began to fall from this point. During the fall, a downward channel was formed, which the price broke only during important world events - for example, the US elections or the riots in Washington.

During the fall, the price came to a strong support zone 1673.22, where the trend line and the senior support line of June 2020 crossed. The price bounced off this zone, but after a few weeks it fell back to the line and consolidated at point 1683.93. After a rebound from this line, the price started a new growth and now continues it.

I expect that gold will continue to rise and stop only at the resistance line of 1773.59, after which it will reverse in the fall and come to the support line at 1699.98.

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


Lingrid ardalankata
@ardalankata, thanks)
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