InvestMate 🥇 Gold Breaks Out of Channel Bottom 🥇

🥇 Gold Breaks Out of Channel Bottom

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

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

🥇 Technical environment:

📊 Moving averages: 50/50

📊 MACD: Uptrend

📊 RSI: Downtrend

🥇 Price action: gold as I wrote yesterday created an ideal opportunity to continue the downward impulse by forming an uptrend channel, which as I have already written often turns out to be a continuation of the chosen trend:

We broke it down and pierced a strong support zone, which could be the beginning of a downward impulse that will take us to the area of $1840. So far, it looks like the road to further declines is open.

📉 The scenario I am playing out is a continuation of the declines. 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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