After the price touched the call support 1675.91 for the second time at the end of March. It grew, during the growth it was able to break through the support line 1741.46. After that, it fixed on this line, rose to the of 1763.79 and even broke through it. However, the resistance line of August 2020 - 1776.26 also passes near the level. And the price stopped growing.
Now it has moved down from the line, came back to the , and I expect that after that the price will continue to fall and come to the 1688.69. 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👩💻
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I like the part that you are bringing in the historical data to back your analysis. I believe this is the last drop before we see rally in Gold.
Key factors that are going to result in the dip apart from the technical analysis are:
1. Treasury yeilds will kick back in and go to the rise. This happens as the investors feel more confident. The bonds on contrary will drop which is a safe bet in detoriorating economy.
2. Gold breaking 1800 barrier reflects Biden's failure to help regain the investor's confidence and the economy back to recovery.
With 3 trillion floated in the market, failure to reverse the economy will affect his reputation. The marker maker's wouldnt want that to happen.
3. Stocks are performing well. Way better than any forecast... Gold usually performs inversely... Unless and until we are affected by Covid wave 4, or inflation comes to play we do not expect much soaring in Gold prices.
I am very pleased that you have shared events that may affect gold, I really appreciate it
anyone who has traded long enough will agree that sometimes more than tecnical analysis it is other powers in the rear that move the markets...