InvestMate 🥇 Gold Key Support Zone! 🥇

Feb 5, 2023

🥇 Gold Key Support Zone!

🥇 Nearest strong support zone: around the fibo level 0.236 of the upward wave.

🥇 Nearest strong resistance zone: around the fibo level 0.618 of the downward wave.

🥇 Technical environment:

📊 Moving averages: Uptrend

📊 MACD: Uptrend

📊 RSI: Uptrend

🥇 Price Action: I wanted to present to you in this post, in my opinion, the most significant support zone on gold that may play an important role in the future in the perspective of possible further increases or decreases. This is a zone determined by the cluster of two fibo levels 0.382 of the downward wave and 0.5 of the upward wave. You can see on the chart that this level has been tested many times in the past, treated as resistance as well as support. So far, the price of gold is falling, and it doesn't look like we will see this support level in the coming days, but it's worth keeping it in the back of your mind if the price heads in its direction.

📉 The scenario I'm playing out is a continuation of gold price declines over the coming weeks. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

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Feb 6, 2023

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