The price started to fall before reaching the resistance line, and at the end of the week I update the idea. Let me remind you that in April last year the price managed to break through the strong support level of 1675.9. After that, for some time the price moved in a direct channel between this level and the resistance level of 1762.3. And then it broke through the resistance level and rose sharply. This growth spurt came at the start of the coronavirus pandemic.
After that, the demand for gold dropped and investors started selling it in large quantities, as evidenced by the global downtrend that has continued since August. During this trend, the price once again broke through the level of 1762.3 and consolidated at the level of 1675.9.
At the end of March, the price started to rise from this level and eventually came to the resistance level of 1762.3. I expect that the price will not be able to break through this level, as the resistance line of August 2020 passes right there. I expect the price to fall, correct to the line at 1733.49, and then continue falling and return to support at 1695.30. This will be our goal.
Traders, if you liked this idea or have your own opinion about it, write in the comments. I will be glad 👩💻
Do you think we will start the new trading week with a new target? Or will the price not drop in time?