LegionQ8

Gold can rebound up from support line of channel to 2035 level

Long
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 some days ago bounced up to the 1865 support level, which is located inside the buyer zone, but at once rebounded below. Later Gold finally rose to this level, broke it, and made a retest, after which it rose a little more and then made a correction to the buyer zone. Next, the price rebounded from this zone and rose until to points, where it soon made a correction again. Also, Gold entered to upward channel, and soon Gold made an upward impulse to the 1985 current support level, which coincided with the support area and even made a fake breakout, after which the price declined to the support line of the channel, making correction. Then the price continued to rise and in a short time rose back to the 1985 level, broke it, and reached 2010 points. And a not long time ago price rolled down to the support area and now trades close. Possibly Gold can make a movement down to the support line of the channel and then it rebounds up to the resistance line, therefore I set up my target at the 2035 level. Please share this idea with your friends and click Boost 🚀

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