HelenP. I Gold can continue to decline to support level

1 Eyl

Hi folks, today I've prepared a Gold analysis for the hourly timeframe. Some time ago price reached the support zone, which coincided with the support level, but at once rebounded and dropped to the trend line. After this movement, the price made a strong impulse from the trend line, higher than the support level, breaking it and also started to trades inside the pennant. In pennant, Gold rose to the resistance line, but at once turned around and dropped to the support level, making a fake breakout of the resistance level with zone. Next, XAU turned around and in a short time rose back to the 2515 resistance level and broke it again. After this, the price some time traded between this level and a not long time ago fell to the trend line, which is the support line of the pennant also. Then it broke this line, thereby exiting from the pennant and now the price continues to decline. So, I expect that XAUUSD will make a retest of the trend line and then continue to decline, therefore I set my goal at the 2475 support level. If you like my analytics you may support me with your like/comment ❤️