Gold can correct and then continue to grow to resistance level
Updated
Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some days ago fell to the support level, which coincided with the buyer zone and started to grow inside a broadening wedge. In this pattern, the price rose to the resistance level, which coincided with the seller zone and even broke it, after which continued to grow to the resistance line of the wedge pattern. After this, Gold made a correction to the seller zone and then in a short time backed up to the resistance line, but soon turned around and started to decline. Gold quickly fell lower the 2720 level, breaking it and also it exiting from a broadening wedge pattern. Then the price continued to fall and later reached the 2605 support level and even broke it too, after which made a retest and continued to fall to 2535 points. Later XAU turned around and started to grow inside the upward pennant, where it in a short time rose to a resistance level, breaking the 2605 support level, but then Gold made a downward impulse. After this, the price fell to the support line, but a not long time ago it exited from the pennant pattern and now continues to grow. In my mind, Gold can make a move down and then continue to rise to the 2720 resistance level. So, that's why I set my TP at this level. Please share this idea with your friends and click Boost 🚀
Trade active
Gold made a small movement down. For this case, I expect that the price can decline a little more and then start to grow to a resistance level:
Trade closed: target reached
Very well! Gold after some weeks reached my TP, located at the resistance level. After which it started to decline.
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