DeGRAM | GOLD is back in the demand zone

GOLD did not form a new decline and returned to the demand zone.

The descending structure remains undisturbed.

The price formed a bullish takeover before returning to the demand zone.

We expect growth after the retest of the dynamic resistance.


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Comment:

GOLD broke through the local descending channel.

The price has fallen under the dynamic support and now it is acting as resistance.

The chart is above the 50% retracement level of the last bullish impulse.

We expect the rebound to continue after the support is retested.

Comment:

XAUUSD is moving in a descending channel between the trend lines.

The price is in the demand zone.

The chart has not reached the upper boundary of the channel.

The pair has reached the dynamic support.

We expect a rebound from the support level.

Comment:

Gold is moving slowly towards our goal in small “jerks”. The price is already at the Support Zone and at the lower line of the Growing Channel.

I think such support will help the price take off.

The first target is Resistance Level 2331.