RLinda ! GOLD-> Gold is strengthening. What to expect next?

2 Oca 2023

Gold has been in an active consolidation phase since mid-November. Even though we see an uptrend channel, the way the price is moving tells us about the accumulation of energy. What should we expect next?

The price breaks through the local resistance of 1821, from this level the price can continue to rise to 1858 or retreat to the support zone, but it will still be within the accumulative range. In the medium term, a breakout of resistance at 1858 could take the price to the 1900 mark.

My guess is that gold will be in the accumulation phase for a long time, but at the moment the bulls are ruling the market and they continue to dominate the situation, which means it is worth considering long scenarios. I expect the price to start rising either from the channel support or from the level of 1821. The short-term target is resistance at 1858.

Regards, R.Linda!

3 Oca 2023

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Gold +200 pips