Gold can reach resistance level again and then fall to 2120

Mar 12

Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a few time ago entered to range, where at once declined to the 2005 support level, which coincided with the bottom part and buyer zone. After this movement, Gold in a short time rose to the top part of the range, and then turned around and fell back to the support level and even lower, thereby breaking it and exiting from the range. Then price some time traded in the buyer zone and later XAU turned around and started to move up in an upward channel, where soon price broke the 2005 level. After this, XAU continued to move up in the channel, but later it fell to the support line, after which the price rebounded and made a strong impulse up to the resistance line of the channel, thereby breaking the 2180 resistance level. But a not long time ago, Gold turned around from this line and in a short time declined below the 2180 level, making a fake breakout. So, at the moment, Gold continues to decline and in my opinion, the price can try to rise to the resistance level, after which XAU will rebound and fall to the support line of the upward channel. For this case, I set my target at 2120 points, which coincided with this line. Please share this idea with your friends and click Boost 🚀