RLinda ! GOLD-> Bulls overcome the strongest resistance

16 Oca 2023

Gold forms a technical pullback to the 1912 zone, which is a fairly strong level formed in August 2020. What should we expect from the price?

It is quite simple, we saw earlier that the price went out of the upside channel, which can be interpreted as a possible acceleration of the upside. The Gold is in the global range, and the global target in our case, is the upper boundary of the range at $2075-$2100.
Now we are interested in the area of 1912, if the support retests, the price can make a false-break-down.

I expect that the possible scenario in our case can be the retest of the support of 1912 and the subsequent consolidation of the price in the long zone, after which gold will begin to form a new upward impulse. The short-term objective is the local peak 1928, the medium-term objective is the resistance of 1940 and 1952.

Regards R. Linda!

16 Oca 2023

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