GOLD ! Price rolls back to support. What will happen next?🧐

19 août 2022

GOLD: The price is declining to the support level of 1752. This level is transitional and was confirmed on the pullback after the breakdown. The level is pro-trended and thus has an important role at the moment.

We can see on the chart that the price broke the downtrend earlier and is forming a pullback to the support, a possible scenario is a false-break of the support and a pullback to the short-term target of 1772.

But if the price breaks the support of 1752, and it will consolidate on the pullback under the level, then there are all chances for a fall.

I suppose that in the nearest future a false-break scenario might work and we will see a pullback. The short-term target is the resistance level of 1772, the medium-term target is the level of 1784.

Regards to R. Linda!