InvestMate 🥇 Gold Struggles on Support Zone 🥇

Feb 6, 2023

🥇 Gold Struggles on Support Zone

🥇 The 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: Downtrend

📊 MACD: Downtrend

📊 RSI: Downtrend

🥇 Price Action: Gold during Monday's session tried to rise at the very beginning but with the arrival of the American session the price again ended up at local lows. This all happens around the support zone. Looking at the renewed rapid attack of the lows and the fact of a possible double bottom. We can still spend some time in the vicinity of 1870. I do not expect that after such rapid declines the price will have enough strength to continue.

📉 The scenario I'm playing out is to wait for the accumulation to end at the current support zone. 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.

🚀 If you appreciate my work and effort in this post, I encourage you to leave a like and follow on my profile. 🚀

Feb 7, 2023

Note