Gold can break support level and continue to decline

13 avr.

Hello traders, I want share with you my opinion about Gold. Observing the chart, we can see that the price a not long time ago started to trades in the range, where it some time traded near the support level, which coincided with the buyer zone with the bottom part of the range. Later Gold fell to this level again, but at once rebounded and rose to the top part of the range, after which the price made little correction and then backed up. Next, the price reached the mirror line, after which XAU made a strong upward impulse to the current support level, thereby exiting from the range and breaking the later mirror line. Soon, the price broke the 2320 level too and reached the mirror line too, but at once Gold rebounded down from this line to the 2320 level, which coincided with the support area. But recently price bounced from this area and rose to 2430 points, which coincided with the mirror line and at once turned around and in a short time fell back. At the moment, Gold trades near this area and I think the price can fall to the support level, and break it, after which Gold will retest. Then price will continue to decline, so I set my 1st TP at 2270 points. Please share this idea with your friends and click Boost 🚀