RLinda ! GOLD-> False breakdown. The retest of 2000. What next?

30 Mar 2023

Gold is still trading within the ascending price channel. Today's false breakout allowed the price to gain liquidity, but for what? What next?

If you pay attention to the daily chart, the price is not falling below the blue support, it is in the global ascending triangle, the resistance is at the level of 2000. The price comes back to retest that level, but more slowly, in a consolidation move. In breaking through the 2000 level, the futures will have the potential to go up to 2020, 2050 and 2070.

Since the gold makes a false-break, we should wait for the consolidation above one of the levels to form an entry point. Above the support line, above 1968, 1975, it is acceptable to open a buy. The short-term target - 1980, 2000. Medium-term target - 2020, 2050.

Sincerely R. Linda!

30 Mar 2023

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