LegionQ8

Gold can correct to support line of wedge and then bounce up

Long
FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price some days traded in the buyer zone, which coincided with the 2030 support level and soon broke this level and later made a retest. After this, the price rebounded from the support level and made a strong upward impulse to the current 2160 support level, which coincided with the support area. Also, Gold started to trades in an upward wedge, and later price broke the 2160 level and reached the resistance line of the wedge. After this, the price turned around from this line and declined to the support area, where some time traded and later declined below the 2160 level. But soon, the price backed up and even rose to the resistance line of the wedge one more time. Then XAU declined to support line of the wedge, after which not long time ago rebounded and started to grow. At the moment it traded near the resistance line and I think that Gold can fall to the support line and then rebound up, higher than the resistance line, thereby exiting from the wedge and continuing to move up, therefore I set my target at the 2250 level. Please share this idea with your friends and click Boost 🚀

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