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DeGRAM
Nov 30, 2020 7:28 AM

GOLD false breakout and growth Long

Gold / U.S. DollarFOREX.com

Description

During the downtrend, Gold was able to break through the support line 1782.28.
And fall to the support line 1764.61.
Both of these lines of support are very strong - one was formed in 2019 and the other in 2018.

Together they form a support zone and I expect that the price will not be able to fall below the second line.
I think that the breakout was false and after that the price will start to rise.
And this time the lines will act as a strong support for growth.
I expect growth in two phases
- first, the price will rise from the support and fix above the upper line.
- then from this line will rise to the resistance line 1861.77.

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Share your opinion in the comments and support the idea with likes.
Thank you for your support!
Comments
TradingAlchemist
when can buy?
DeGRAM
@TradingAlchemist, When the price bounces off the second support line
regatta070
Excellent 👍
mrflex
Hey Bro I like your great work, keep it up.
DeGRAM
@mrflex, Thanks bro
guerrero2017
sure gold is ready to fly.. excellent analisis
DeGRAM
@guerrero2017, Thank you a lot
forexboat
On point. Great technical analysis.
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