GOLD: the movement has finally begun! reasons for the fall
Yesterday gold finally moved off dead center - resistance zone 1735.45 in which the price stood for almost two weeks. I have to update my previous forecast, because, contrary to my expectations, the price did not begin to rise to resistance and immediately began to fall.
The main reasons for the fall are 3:
- General downward trend amid world news
- Strong resistance zone consisting of two lines from August 2020.
- Lack of resources for growth due to a long pause at the zone without additional support.
Now you can expect it to drop to support 1677.45.
SL - 1732.12.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
The main reasons for the fall are 3:
- General downward trend amid world news
- Strong resistance zone consisting of two lines from August 2020.
- Lack of resources for growth due to a long pause at the zone without additional support.
Now you can expect it to drop to support 1677.45.
SL - 1732.12.
Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.