GOLD → Consolidation Week. Which way will price move?

2 avr. 2023

Gold has been standing still for over a week and narrowing within local resistance and support lines, thereby forming a consolidation in the form of a triangle. What should we expect from the price in the coming week?

The price is in a flat, but that's good for us because we can build several strategies regarding its behavior.
Price is forming a triangle, which has a slight tilt, but is still upward. Screenshot below.

Since we have an uptrend and almost no reaction to a false breakout of a strong level, we can assume with some positive confidence that price may test a resistance breakout attempt this week, which could be successful.


(Scheme of the pattern "Triangle" and its possible realization)

The 1981 level is important for us. A retest could be a breakout, to which the price could react violently.
The gold is now trading above the Fibo level of 0.236. The trend is upward. The closest strong support is at 1961, followed by 1955, below that is 0.382 Fibo and 1931.
The key resistance level is 1981. The price is in the phase of realization of the 5th wave of the elliot. The short-term target is resistance 2000, the medium-term target is 2070, the long-term target is 2100.

Regards, R.Linda!