Short

Gold can fall to support level, break it and continue to decline

Hello traders, I want share with you my opinion about Gold. Looking at the chart, we can see how the price some days ago price started to trade inside the wedge, where it at once made an impulse up from the support line to the resistance line, after which turned around and fell to the support level. Then price some time traded near this level and then started to grow to the resistance line of the wedge pattern and when Gold reached this line, the price broke it, thereby exiting from the wedge pattern. Next, XAU quickly rose higher than the 2415 level, which coincided with the seller zone, but soon turned around and started to decline inside the downward channel. In the channel, the price declined to the support line, breaking the resistance level, after which rose to the resistance line of the channel. Then Gold almost fell to the 2285 support level, after which turned around and in a short time rose to the resistance line of the channel. At the moment, the price continues to trades near this line, so, I think that price can decline to the support level, after which Gold will break it and continue to decline. For this reason, I set my TP at 2240 points. Please share this idea with your friends and click Boost 🚀

LegionQ8

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LegionQ8

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