GOLD FALL and back to SUPPORT level

OANDA:XAUUSD   Gold Spot / U.S. Dollar
As we remember, at the beginning of January the price collapsed about the resistance level of 1959.22, after which it broke through the support zone - at that moment of resistance - moved in the zone without leaving it for several days, and then touched the support line at 1818.63.

From this line, the price started a new growth and eventually managed to break through the support level of 1847.31, and then come to the resistance line 1872.96. This corresponds to the first scenario of price movement, which I talked about at the beginning of the week.

It is worth clarifying that the resistance line to which the price has approached is very strong. The first touch of this line occurred in May 2019. Therefore, now I continue to expect that, before continuing to move along the first option, the price will reverse from this line and fall.

This drop can be regarded as a correction to the previous growth. I expect the price to come to the support level of 1847.33.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Contact for accurate private forex & crypto signals in Telegram @lingrid

Forex 💲



I love your analogy of trades and have found them to be very helpful, I used your writing to benefit from the first correct. I pulled out at
Yesterday you said 1867 was strong resistance now 1872 is resistance?
+5 Reply
amirh1989 mahmoudjacob3
@mahmoudjacob3, resistance is not an exact number. it includes a zone. For instance, if you are familiar with potential reversal zone (PRZ), you get easily the concept of resistance or demand.
+5 Reply
mahmoudjacob3 amirh1989
@amirh1989, True you are right but Gold also broke strong 1860 resistance which is now support so a reversal to 1845 would be very hard and gold is respecting 200 ema and 50 ema
+1 Reply
mahmoudjacob3 amirh1989
@amirh1989, I could be wrong but I feel 90% of traders always try sell all the time its psychological and always try find sells and most of the time its not safe to sell after a strong bullish move. I am trying to protect beginner people so they dont burn accounts copying trades
+3 Reply
miketiger mahmoudjacob3
@mahmoudjacob3, you are right! Beginners always want to sell, because shorts moves are fastest than Longs.
They want easy money and markets are not easy. And we never must try to short a bull trend. That's why always on any bull trend we find people that whants to sell, is amazing that.
Always someone against the trend.
+3 Reply
Dkwand miketiger
@miketiger, you are spot on mate. with all due respect, she had no clue what she is talking about. isn't it obvs that gold will go up. you don't need to do charting or anything, it is simply due to the devaluation of the usd. the usd index about to even fall below 90 as i am typing this. as long us are printing USD, and releasing new stim packs. gold is bullish.
+1 Reply
@Dkwand, I follow Lingrid posts for some time, and I already understand her, and think she is talking about a retrace, using her methods, with supports, resistances, trendlines, divergences, demand zones, simple as that, but her target was to low, on my opinion, but 20points was normal on a retrace. And she his right, that retrace was done today at 57, and not on 47 like Lingrid said.
She most stay Bullish on Gold on Medium Term. Of course this preview, was for Daytrading. But she is more a swingtrader.
No doubt that she will post on the next preview a vision Bullish on Gold, because she knows, after this retracement Gold goes Up.
You are a Longtrader profile like me. Of course fundamentals support Gold for Bullish moves.
Prasad_Ari miketiger
@miketiger, 👍
@Dkwand, see now ? her target? who is wrong?
+1 Reply
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