RLinda ! GOLD-> Price moves into consolidation phase

7 сент. 2022 г.

GOLD reaches the support 1698, after it made a false-break of the resistance 1720, as I have suggested in my previous thoughts

Since now the price makes a false break of the support 1698 and starts to form a pullback, we can assume that the price moves into an accumulation phase, since it with its pullbacks marks us a range, which is formed between the levels1725 - 1691.

I suppose that the price might reach the resistance of 1720 in the nearest future after the false break-up, and if the price fails to break through the resistance and makes a false break-up attempt, then a pullback might be expected. The price is in flat.

Regards to R.Linda!