GOLD ! Testing the support of the previous trend. What next?🤔

3 Ağu 2022

GOLD is trading in an uptrend channel and the chart shows the price breaking the old trend, making a false break through resistance and pulling back 250 pips to test the boundary of the old trend.

On the chart we see that the price makes a false breakout on the retest of the old channel resistance and trades in the long zone, which can be considered as confirmation of an attempt to change the trend. The trend may finally change to uptrend after breaking the level of 1780.5.

I assume that the price may return from the 1750-1760 zone to retest the 1780 level and break it to reach the 1810 liquidity zone.

Regards R. Linda!