LegionQ8

Gold can fall to support area, where turn around and start rise

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a not long time ago traded in the buyer zone, which coincided with the 2040 support level, and soon broke this level, after which it made a retest. Then price turned around and started to rise in an upward channel, where it in a short time reached the resistance line of the channel, and then made little correction, after which the price continued to move up to the current support level, which coincided with the support area. When Gold reached this level, the price broke it and later exited from the channel, but at once started to trades in a range, where XAU rose to the top part. After this movement, Gold turned around and declined to the 2150 level, but soon it rebounded and tried to back up, and failed. So, at the moment, Gold continues to trades near the current support level in the range, for this reason, I think the price can decline to the support area, where it will turn around and start to grow to the top part of the range, making a fake breakout of 2150 level. Therefore I set my target at 2185 points. Please share this idea with your friends and click Boost 🚀

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