Lingrid

GOLD reversal from strong RESISTANCE and FALL

Short
FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
After the second touch of the strong support level 1679.67, the price has grown strongly. During this growth, it was able to break through the support line 1737.43 and consolidate on it at the point 1729.55. After such a successful breakout and consolidation, the price continued to rise and now we see that it has come to the resistance trend line 1782.11. This is the line of the major downtrend that has been formed since August 2020. The only breakdown of this line occurred in January 2021 due to the news agenda.

Therefore, now I expect that the price will not be able to break through the line and will reverse from it in the fall. I expect the price to fall from the resistance line 1782.11, break the support line 1717.72 and come to the support level 1679.67. This will be our goal.

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

Comments

the trendline isn't accurate
Reply
Lingrid rote1
@rote1, thanks for your opinion)
but could you explain why you think so?)
Reply
I've set my stop at 1804
Reply
Lingrid herningtonaswani19
@herningtonaswani19, you can a little higher)
it will be safer
+1 Reply
it's broken the resistance 1782
Reply
Lingrid emaskeen786123
@emaskeen786123, the main thing is that the stop loss is intact)
and little time has passed to draw conclusions about the direction of the price
Reply
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