GOLD start grow from support
Since August 2020, the price has been in a downtrend.
In November, after the US elections (during which the price showed an increase), there was a collapse.
During this collapse, the price was able to break through the trend line and move down to the strong support line.
This support line has existed since May 2019.
It will determine the direction of the older uptrend.
Now the price is at the intersection of two trends: the older upward (May 2019) and the younger downtrend (August 2020).
Earlier this week, it dropped to the support line at 1828.84.
The first touch of this line occurred in September, but the 2019 support line also runs alongside.
In my opinion, the price will not be able to break through the support zone for the second time in the area of these two lines.
This speaks of future growth.
I expect the price to rise to resistance from the support. Target - 1859.30
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Share your opinion in the comments and support the idea with likes.
Thank you for your support!
In November, after the US elections (during which the price showed an increase), there was a collapse.
During this collapse, the price was able to break through the trend line and move down to the strong support line.
This support line has existed since May 2019.
It will determine the direction of the older uptrend.
Now the price is at the intersection of two trends: the older upward (May 2019) and the younger downtrend (August 2020).
Earlier this week, it dropped to the support line at 1828.84.
The first touch of this line occurred in September, but the 2019 support line also runs alongside.
In my opinion, the price will not be able to break through the support zone for the second time in the area of these two lines.
This speaks of future growth.
I expect the price to rise to resistance from the support. Target - 1859.30
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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