GOLD - Price can reach resistance area and continue to fall

Nov 11

Hi guys, this is my overview for XAUUSD, feel free to check it and write your feedback in comments👊

Recently price moved up inside rising channel, where it broke $2725 level and later made a gap.

After this, price rose to resistance line, turned around, and bounced down to resistance area, exiting from channel.

Then price started to trades in pennants, where it traded near resistance area and then reached resistance line of this pattern.

Gold bounced from this line and made downward impulse to $2660 level and then bounced up to $2710 points.

Later price started to decline and in a short time declined to support line of pennant and recently broke it with $2660 level.

In my mind, Gold can reach resistance area and then continue to decline to $2600

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Nov 12

Trade closed: target reached

Gold reached my target! So, for this case, I close this trade.