RLinda ! GOLD-> False resistance breakdown. What next?

6 ก.ย. 2022

GOLD: The price made a false breakout of the resistance level 1720, which I had indicated earlier. You can see on the chart that after the false-break, the price formed a consolidation under the level - which is an adequate entry point.

The global trend is descending, also, the price is traded in the price channel and earlier, when the price did not reach an important support level, we saw the reversal of the price and formation of a technical pullback.

I assume that if the resistance level of 1720 is strong enough and the price does not break-through, the fall in the trend is likely to continue. On the chart I have marked two nearest targets: Short term - support at 1698 and medium term - 1681.

Regards R. Linda!