LegionQ8

Gold can correct to support area and then rebound up to 2425

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 reached the buyer zone, which coincided with the 2285 support level, and in a short time broke it. Then XAU made a retest and even declined to lower the 2285 level to the support line, after which turned around and made a strong upward impulse to the current support level, thereby making a fake breakout of the 2285 level. After this, Gold turned around and corrected the support line, after which turned around and rose to the support area, breaking the 2365 level also. Then XAU in a short time rose to 2430 points, after which turned around and declined even lower current support level, but soon rebounded and rose back, starting to trades inside the wedge. Price some time traded near the current support level and later rebounded from it to the resistance line if the wedge, but recently XAU rolled down and started to decline. Now, in my opinion, Gold can decline to the support area and then rebound up higher than the resistance line, thereby exiting from the wedge, and possibly, XAU will continue to rise, therefore I set my target at the 2425 level. Please share this idea with your friends and click Boost 🚀

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