Short

Gold can exit of pennant and then rebound down to support level

Hello traders, I want share with you my opinion about Gold. By observing the chart, we can see that the price some days ago price rebounded, broke the 1935 resistance level, which coincided with the seller zone, and then entered to downward channel. Inside the channel, the price first fell to the 1915 support level, which coincided with the support line of the channel, and at once bounced up to the resistance line. After this movement, the price rolled down from the resistance line and fell below the 1915 level, which there moment coincided with the buyer zone to support line of the channel. Next, Gold rebounded from this line and made a strong impulse up to the 1935 resistance level, thereby exiting from the downward channel. Also soon, the price broke this level and even rose higher than the seller zone to the resistance line of the pennant. But at once Gold started to fall and in a short time declined to support line, breaking the resistance level again. Recently price bounced up from this line and now Gold trades very close to the resistance line. In my mind, the price can bounce up, and break the resistance line, thereby exiting from a downward pennant and then starting to fall to the support level. For this case, I set up my target at the 1915 level. Please share this idea with your friends and click Boost 🚀

LegionQ8

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LegionQ8

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