So, since August 2020, Gold was in a downtrend, until in November of the same year it came to local support 1776.17, where it found strength for a leg of growth. The last two months the price has shown a confident upward movement, but at the beginning of last week it came to the 1954.42 and collapsed heavily.
Practice shows that such strong collapses cannot be prolonged, and after them a correction begins, during which the price partially or completely recovers in its previous positions. In our case, Gold stopped at the support line of 1826.36, then began to grow and is now in the of 1859.81. And this is a great position to open a buy trade!
I will never tire of reminding you of the importance of SL. In this case, we are looking for it just below the support line in the area of 1804.76.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻