Gold has bounced off resistance and can start to decline
Hello dear traders, we are new here, so please support our ideas by LIKE and COMMENT and feel free to ask any questions in the comments, we will try to answer all, thanks guys.
Today we will look at the price of XAU/USD.
I draw your attention to the graph where we can see how the price consolidates.
After retesting the resistance level, gold bounced back and started to decline.
The price is currently trading below the resistance level.
In my opinion, the price could continue to decline, in which case our target would be at 1645.00.
Also, the price can break this level and continue the decline to the support level of 1616.00, which could be our next target.
In this case, I will update the idea when the situation changes a little.
I expect this scenario, so be prepared for the next moves.
Thank you for your time, we hope our work suits you and you are satisfied, we wish you a nice day and great profits
Today we will look at the price of XAU/USD.
I draw your attention to the graph where we can see how the price consolidates.
After retesting the resistance level, gold bounced back and started to decline.
The price is currently trading below the resistance level.
In my opinion, the price could continue to decline, in which case our target would be at 1645.00.
Also, the price can break this level and continue the decline to the support level of 1616.00, which could be our next target.
In this case, I will update the idea when the situation changes a little.
I expect this scenario, so be prepared for the next moves.
Thank you for your time, we hope our work suits you and you are satisfied, we wish you a nice day and great profits
