Gold is forming a triangle pattern in the short-term timeframe. If it can break below the important range of 2151-2157, the trend will generally be bearish with targets at 2132 and 2100.
However, if it wants to break this pattern to the upside and exit the descending triangle, it could see targets at 2192 and 2248.
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Possible move for gold:
Gold is in a downtrend and forming a descending triangle pattern... I think if the support at 2150 - 2155 breaks, the downtrend may continue towards 2132.
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Nice ?
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Gold has moved exactly as predicted! Congratulations to those who were able to profit from it!
Make sure to follow our new idea as well.
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Gold was in a downward trend that managed to break the descending trend line and successfully hit the target of 2195! 📉💰
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Gold Support Levels: 2160 - 2163: Weak support 2145 - 2150: Strong support
We expect the weak support level to break considering the strength of the corrective trend of gold, then we anticipate a reaction to the strong support level. We expect an upward movement after testing the strong support level towards 2184. 📈
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Support:
2145 - 2150: This is the key support level for the week. If this level is broken, the price could fall to 2120 - 2130.
Resistance:
2180 - 2183: The first resistance level is at 2180 - 2183. If the price breaks this level, it could move up to 2195. 2195: The second resistance level is at 2195. If the price breaks this level, it could move up to 2210. 2210: The third resistance level is at 2210. Trading Strategy:
If the price holds above 2145 - 2150, we could see a move up to 2180 - 2195. If the price breaks below 2145 - 2150, we could see a move down to 2120 - 2130. Entry and exit points will be provided later...