In April last year, the price was able to break through the strong support level of 1675.9. After that, for some time 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 occurred at the onset of the covid pandemic.
After that, the demand for gold fell and investors began to sell it in large quantities, this can be seen from the global downtrend that has been going on since August. During this trend, the price once again broke through the level of 1762.3 and consolidated at the level of 1675.9. And now it has shown growth again and is close to the resistance level. I expect it to bounce off this level and then fall. The price will be able to break through the support level 1675.9, after which it will continue to fall and come to the support line 1602.0. This will be our goal.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
I will run into your forecast, but I think that the price will not rise to the older resistance, but will immediately fall to support. Do you think this is possible?
ImperialSTANDARD
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@TradingStat, Ofc it is possible. Not rly the smartest question.
DeGRAM
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I support your idea and I like your new style.
However, I believe the resistance line is strong enough for prices to reverse.
I expect the price to fall and rise several times before reaching the target. but certainly gold will continue to fall.
TradingAlchemist
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futures for gold will increase this week? what are your assumptions this week?
Solldy
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In May 2020, this contributed to the fact that the price began to rise! Why will IT fall this time! Thanks!
Miska_Fx_Millionaires
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hey let me know when u press the trigger
Lingrid
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@Miska_Fx_Millionaires, you can sell from two values - level of 1762.3 and level of 1675.9
vinodba
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isn't it 'w' shape?
Lingrid
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@vinodbayya,it has not yet emerged so well to say it for sure)