Gold can rebound down from seller zone to 2005 level

19 дек. 2023 г.

Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price some days ago traded in a range, where it tried to rise more, but failed and soon rolled down to the 1975 support level, which coincided with the buyer zone. In a short time price broke this level, thereby exiting from the range too and falling to the support line of the pennant. Next, the price rebounded from the support line and made a strong upward impulse to the resistance level, which coincided with the seller zone, breaking the 1975 level again. After this, XAU a little corrected below and then bounced up to the resistance line of the pennant, thereby breaking the 2045 level. But soon, Gold around down and in a short time declined lower resistance level to support line of the pennant, and also later it exited from the pennant too. Then price declined to the support level and a not long time ago rebounded up to the resistance level, where it trades very close to this time. For my mind, Gold can rise to the seller zone and then rebound down. So, for this case, I set my target at the 2005 level. Please share this idea with your friends and click Boost 🚀