LegionQ8

Gold can continue to decline to current support level

Short
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price rebounded from the current support level, which coincided with the support area to the support level, breaking the 2330 level. After this, the price started to grow inside the upward channel, where it soon broke the 2330 level one more time and even some time traded higher than the support area, but later it made a downward impulse to the buyer zone, exiting from the channel and breaking the 2330 with 2295 levels. Soon, XAU bounced from the buyer zone, making a fake breakout of the 2295 level, and started to trades inside the range, where it later reached the top part of this pattern. Next, the price made a correction movement, after turning around and making a strong impulse up, breaking the current support level and exiting from the range. But a not long time ago XAU started to decline, therefore I think Gold can continue to fall to the 2330 support level. For this case, I set my target at this level. Please share this idea with your friends and click Boost 🚀
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.