GOLD touch RESISTANCE and FALL

4 янв. 2021 г.

So, the most important thing that happened to the price over the last week was the breakout of the strong support line - at that moment of resistance - that was defining the downtrend in gold since August. Let me remind you that during all this time the price made only one false breakout of this line during the US elections.

On December 30, the price touched this line at the point 1895.73. It made a slight rollback and in the new year broke through the line and immediately went into strong growth. Thus, breaking the downtrend.

This growth also takes place within the upward channel, which was formed at the end of November, when the price bounced off the support line 1765.29 and began to rise.

And right now the price is near the upper border of this channel - the resistance line. Therefore, the first thing I expect from the price is that it will complete the growth and touch the resistance at 1946.01. Then it will turn around and start falling. During the fall, the price will come to the support line. So I expect a target of 1904.75.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻