Gold poised to extend rally to 3010 points

14 févr.

Hello traders, I want share with you my opinion about Gold. Looking at this chart, we can observe that a few days ago the price entered an upward channel and began to rise steadily. Shortly after, it climbed to the 2660 support level, which aligned with the buyer zone, and even broke through it. However, before making further progress, XAU corrected to the channel’s support line. Following this correction, the price retested the level and resumed its upward movement, eventually reaching the second support level located within a support area. Initially, there was another correction to the channel’s support line, but soon after, the price broke through the 2770 level as well and kept moving higher. Eventually, the price broke out of the first channel and transitioned into a new upward channel, where it reached the current support level, which also coincided with another support area. Gold managed to surpass the 2880 level and continued its bullish momentum. At the moment, the price is still climbing, and I anticipate that XAU will correct back to the channel’s support line before continuing its upward movement within the channel. For this scenario, I’ve set my TP at 3010 points, which aligns with the channel’s resistance line. Please share this idea with your friends and click Boost 🚀

15 févr.

Transaction en cours

Sadly, Gold dropped to the support level and now trades in the support area. So, maybe it can be a little trade in this area and then continue to move up, we'll see.

16 févr.

Trade fermée manuellement

I think Gold may break the support level and continue to decline, so, I closing this trade.