RLinda ! GOLD-> Rollback to Support. What next?

27 oct. 2022

Gold prices are in a decline phase as the U.S. dollar index rises. Investors are waiting for economic data on GDP in the nearest future. Also under great scrutiny is the upcoming Federal Reserve press release. Investors are expecting the Federal Reserve to slow down the pace of rate hikes.

On the main chart we see the formation of a pullback within the local rising price channel.
The price after false break in the resistance of 1668 tends to the strong support of 1654, below which there is a key support zone, the chances of break in which, under the pressure of the global trend, are quite high.

I expect in the form of price reaction to the level - a pullback up. In our case the short-term target will be the previously tested resistance level of 1668. In the mid-term prospect it is possible to expect growth up to 1681, 1703 and 1728.

Regards R.Linda!