On Sunday we discussed more globally the medium-term scenario for gold, I suggest you to familiarize yourself with it, if you haven't done it yet.
The most important thing is that at the moment we have possible preconditions for the formation of a further scenario. The market took last week's speech of the Fed Chairman positively. Ogrim progress on the inflation issue. After a long accumulation of
Technically, the metal is in a consolidation format and is testing the support area against the bullish trend. There is a high probability that the market may make a false breakdown of support before further growth. A price consolidation above the SMA will form a strong bullish potential.
Support levels: 1978.7, 1984, channel boundary
Resistance levels: MA200, MA50
I assume that after retesting the support area gold will start its growth. Targets are indicated on the chart.
Regards R. Linda!
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