LegionQ8

Gold can rise higher than resistance line and then start to fall

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price a not long time ago started to trades in a range, where it rose in a short time to the top part and even higher to the resistance line, but soon it turned around and declined back to the range. Later price declined to the support area, but in a short time rose back to range and some time traded near the 2025 current support level. But a few moments later Gold exited from range and made a strong impulse down to the buyer zone, which coincided with the 1995 support level, breaking the 2025 level. Soon, XAU bounced from the buyer zone and rose higher than the 1995 level and then started to rise near the support line to the current support level. And in a short time later, Gold reached this level, broke it again and at the moment, it trades near the support line. So, in my mind, Gold can rebound from the support line and rise to the 2035 - 2040 zone, thereby breaking the resistance line, after which it will turn around and start to decline, and maybe lower the support level. Therefore I set my TP at the 2015 level. Please share this idea with your friends and click Boost 🚀

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