The gold price is in an important position - in the correction zone formed by two support and resistance lines. This zone appeared within a long-term downtrend channel that has existed since summer 2020. Let me remind you that after a strong fall at the end of February, the price came to the support line 1675.40 - the lower border of the downtrend. The price bounced off this line and came to the support line at 1738.30. However, she could not immediately break through it and worked out the rollback.
After a rollback, the price returned to the line and on the second attempt was still able to break through it at point 1731.01. And recently it has been in the zone between this support line and the resistance line. I expect the price to rise, break through the resistance line at 1746.50 and come to the resistance zone from 1797.38, where the trendline and the historically strong level cross. As soon as the price touches this point, we can start a sell trade. I expect the price to fall from the resistance zone and return to the support line at 1689.98.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Lingrid This is So Niceeee❤❤❤Much Love to You First..
First 1797 is Really the Historical Resistance..and That I agree its a Strict Point for the traders To watch
Second, and This Comes From the Fundamentals , Do you Think its weird that the First Package produces 1400 usd to Every American , Yet we still Have the Same strong Historic support of Gold at around 1375?? abit weird right?
Second , Jerome Powell on Unemployment he still says we are Far from Recovery and What the Economy needs is a Vaccination First and slow economy Opening..Sell Gold Now to around 1375..But this is Gods Money..a Time is Coming we will take it Back to 50,000 per Ounce..
Let me remind you that the big institutions who cause the big moves aren't trading on the 600 minute chart and to capitalise on the big moves we obviously need to be trading as closely in alignment with them as possible. ✌🏻
First 1797 is Really the Historical Resistance..and That I agree its a Strict Point for the traders To watch
Second, and This Comes From the Fundamentals , Do you Think its weird that the First Package produces 1400 usd to Every American , Yet we still Have the Same strong Historic support of Gold at around 1375?? abit weird right?
Second , Jerome Powell on Unemployment he still says we are Far from Recovery and What the Economy needs is a Vaccination First and slow economy Opening..Sell Gold Now to around 1375..But this is Gods Money..a Time is Coming we will take it Back to 50,000 per Ounce..
Collect The Pips Traders💫