LegionQ8

Gold can retested support area and continue move up

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Watching the Gold, we can see how the price formed a resistance zone $1960-1950, from which it begin to decline and over time formed the downward wedge. The price reached the level of $1810, made a fake breakout, after which it returned, break the resistance line of the wedge and begin to move upwards. Next, the price made a correction to the support level, which re-tested and created an upward impulse by breaking through the resistance level $1900. We see how Gold has continued to grew and break through the resistance line which coincide with resistance area. Now the price has made a corrective movement, broken through the support line and approached the support area. I think the price have made a fake breakout of the support line and after the retest support area Gold can continue to move up. So the targets for Gold I set are $1985 and $2010. Please share this idea with your friends and click Boost 🚀
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.