GOLD start FALLING from strong RESISTANCE line

Since August, the price growth has been stopped by a strong resistance line. It is also trending - it directs the price in a downtrend. During the fall at the end of November, the price came to the support line 1803.05, broke through it, and then returned to the line.

A small ascending channel originates from the breakout low of 1766.14, in which the price has been moving since the first days of December. The price broke it only once, in the middle of the month, going beyond the resistance line. Otherwise, the pair continues to grow in the channel.

Last week, during the movement, the price just dropped to the lower border of the channel, the support line 1857.54. Where it pushed off and started a new rise to resistance. It is not only close to the upper border of the channel, but also from the resistance line formed in August.

I expect the price to begin with a correction to the support line, touching it in the 1878.27 region. After which it will turn off and grow to the resistance of 1904.24. And then it will leave the canal and fall to the support line 1844.30. 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👩‍💻