GOLD FALL and leave ascending channel

OANDA:XAUUSD   Gold Spot / U.S. Dollar
After the price broke through the support zone 1802.36, it rallied and reversed for a correction.

During the correction, the price fixed at the support line 1807.68.

And from this line it grew to the resistance line 1860.10.

This is a strong resistance line that is the main one for the downtrend that the price has been following since August 2020. I now expect the price to touch this line at 1859.19. After that, it will fall, break through consecutively: the support line of the ascending channel 1818.16, the support line of March 2018 of 1810.41 and the level of support 1798.86. So our final target is support line 1782.14.

Traders, if you like this idea or have your own opinion about it, write in the comments. I will be glad👩‍💻


+10 Reply
Thanks for updating the idea. I also stick to falling.

However, it seems to me that the price will not be able to break the 1798 support level.

This is a fairly strong level + if you believe your forecast, the price will have to break at least two lines. I think the price will stop at the level.
+8 Reply
@DeGRAM, no falling
@DeGRAM, heading back above 1900
Thanks for your hard work friend! As you can see, the price is really starting to fall, although it has not yet touched the resistance line that you mentioned. Tell me for what time period is your forecast calculated? Do I understand correctly that this is a long-term movement?
+4 Reply
if you own gold and are betting on its value to rise because you expect hyperinflation come soon, then i don't think you should. higher gold price only compensates for loss in purchasing power of us dollar.
+4 Reply
I think gold will reach the daily OTE level at 1872.20
+3 Reply
why not.
Lingrid Punk-FX
@Punk-FX, will see
Punk-FX Lingrid
@Lingrid, don't get me wrong, i'm learning from you too. I might be wrong.
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