XAUUSD 16 03 2021
GOLD stopped its long fall at the support line 1679.29. it rose to the support line 1733.79. However, she could not pierce it and rolled back. During the second rise in price to the support line, it was able to consolidate on the line, and then break it out at point 1729.35. After the breakout, the price made a slight rollback and fixed on the line. Such a perfect breakout with two fixations on the line gives reason to expect the price to start rising. This support line was formed in December 2020 and acts as a correction zone for the price. Breakout and consolidation are just part of the upward correction and now I expect the price to continue to rise and rise to the resistance line. Thus, my final target is the resistance line 1760.83.
GOLD stopped its long fall at the support line 1679.29. it rose to the support line 1733.79. However, she could not pierce it and rolled back. During the second rise in price to the support line, it was able to consolidate on the line, and then break it out at point 1729.35. After the breakout, the price made a slight rollback and fixed on the line. Such a perfect breakout with two fixations on the line gives reason to expect the price to start rising. This support line was formed in December 2020 and acts as a correction zone for the price. Breakout and consolidation are just part of the upward correction and now I expect the price to continue to rise and rise to the resistance line. Thus, my final target is the resistance line 1760.83.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.