Gold can exit from pennant and rise to 2700 points
Updated
Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price rebounded from the support line and later dropped to the resistance level, which coincided with the seller zone. After this, the price made impulse down to the support line, breaking the 2720 level, and then tried to grow, but failed and continued to decline next. Then Gold reached the support level, which coincided with the buyer zone, and broke it too, after which Gold dropped to the support line. Next, the price turned around and started to grow inside the upward pennant, where it soon reached the 2615 level and even broke it one more time. After this, XAU continued to grow until it reached the resistance level, which coincided with the resistance line of the pennant, and then turned around and made a correction movement. Price fell to the support level, some time traded near this level, and then rose to the resistance line of the pennant, but later it rebounded and fell back to the 2615 support level. Recently it started to grow and at the moment I think that the price can correct to support line and then rebound up, thereby exiting from the pennant pattern. Next, Gold will continue to grow, so, I set my TP at 2700 points. Please share this idea with your friends and click Boost 🚀
Trade active
Gold almost decline to support line of pennant. For this case, I think that the price will decline to support line and then rebound up to 2700 points, exiting from the pennant pattern:
Trade closed: target reached
The price almost reached the support line of the pennant, so this is good. After this, it can rebound up, we'll see.
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